SOL is at key support:
1. bull channel trendline (logarithmic)
2. 3x shorts down, 3x longs up
3. 3+ months supp/res
obviously the market is in a downtrend, so there's more than a reasonable chance that this mega bull trendline is broken, but to me this looks like a low-risk buying opportunity if you keep a tight stop-loss under the trendline (or better yet, <$160 to keep it protected by the .382 fib and 3x margin pressure levels).
with the possibility of alt season around the corner, this one could look like a no-brainer in hindsight.
1. bull channel trendline (logarithmic)
2. 3x shorts down, 3x longs up
3. 3+ months supp/res
obviously the market is in a downtrend, so there's more than a reasonable chance that this mega bull trendline is broken, but to me this looks like a low-risk buying opportunity if you keep a tight stop-loss under the trendline (or better yet, <$160 to keep it protected by the .382 fib and 3x margin pressure levels).
with the possibility of alt season around the corner, this one could look like a no-brainer in hindsight.
Note
low TF action looks bearish. if this support breaks, next place i'd look for a bounce is around $120-$130. should be very strong support at the 2x short level and .5 fib retracement lvl
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.