SOL → Solana At Resistance! Will We Reverse? Or Pulling Back?
Solana is at a key resistance level from what used to be Support in March of 2022. This resulted in a hard selloff throughout the crypto market, leaving us wondering what comes next. Are we pulling back then continuing? Or are we heading back down to the $32 area?
How do we trade this? 🤔
More price action is required to justify a market entry. Here's what we do have; a bull run with what appears to be the final leg up ending at a resistance level, an RSI over 70.00, and a massive bear signal to follow. These are the signs that the trend is about to change into a trading range then either a reversal or continuation. We need another failed attempt to break resistance to justify playing a reversal and we also need another show of support at the 30EMA or Support Zone to long.
Until then, it's reasonable to stay on the sidelines until more price action plays out.
🔑 Key Takeaways 🔑
1. At Resistance Zone after 3 Pushes Up. Pullback Likely.
2. Aggressive Selloff at Resistance, Need More Price Action.
3. RSI Over 70.00, Supports Pullback or Reversal.
4. Look for support at bottom of Resistance Zone or 30EMA.
5. Wait to Enter Market, Need Clarity on the Next Moves.
⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!
Like 👍 and comment if you found this analysis useful!
How do we trade this? 🤔
More price action is required to justify a market entry. Here's what we do have; a bull run with what appears to be the final leg up ending at a resistance level, an RSI over 70.00, and a massive bear signal to follow. These are the signs that the trend is about to change into a trading range then either a reversal or continuation. We need another failed attempt to break resistance to justify playing a reversal and we also need another show of support at the 30EMA or Support Zone to long.
Until then, it's reasonable to stay on the sidelines until more price action plays out.
🔑 Key Takeaways 🔑
1. At Resistance Zone after 3 Pushes Up. Pullback Likely.
2. Aggressive Selloff at Resistance, Need More Price Action.
3. RSI Over 70.00, Supports Pullback or Reversal.
4. Look for support at bottom of Resistance Zone or 30EMA.
5. Wait to Enter Market, Need Clarity on the Next Moves.
⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!
Like 👍 and comment if you found this analysis useful!
-Joe Dean
Trader Engineering Course
**Available Now at TraderEngineering.com**
Trader Engineering Course
**Available Now at TraderEngineering.com**
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