$SOL [update] - bullish correction
SOL is creating a new support at 140. Makes perfect psychological sense that it's ranging between 135-145.
PA printing a healthy correction after showing bearish divergence on the money flow index (MFI) indicator
Healthy because trade volume is confluent with price on 1D
As for future predictions, I can see 2 situations happening depending on other alt hype/BTC
less likely
1) IF there happens to be a significantly more exciting coin than
SOL in the next few days - I would expect money to temporarily flow out of SOL and into the other asset, allowing price to drop to next SR/fib level. We see demand filled like crazy and rocket to 200
more likely
2) IF bulls are still stubborn bullish and diamond hands be diamonding - I think we range here for a day or two before the next move up to maybe 165 or 180
unlikely
1) IF we push up from here - to be honest, I will likely be very confused depending on the context. Likely some FA /event I missed.
Still macro bullish on SOL, but as a trader I will defs take the opportunity to sell some coin then come back for the next pump. I've taken some profit, but still have a good chunk in SOL.
PA printing a healthy correction after showing bearish divergence on the money flow index (MFI) indicator
Healthy because trade volume is confluent with price on 1D
As for future predictions, I can see 2 situations happening depending on other alt hype/BTC
less likely
1) IF there happens to be a significantly more exciting coin than
SOL in the next few days - I would expect money to temporarily flow out of SOL and into the other asset, allowing price to drop to next SR/fib level. We see demand filled like crazy and rocket to 200more likely
2) IF bulls are still stubborn bullish and diamond hands be diamonding - I think we range here for a day or two before the next move up to maybe 165 or 180
unlikely
1) IF we push up from here - to be honest, I will likely be very confused depending on the context. Likely some FA /event I missed.
Still macro bullish on SOL, but as a trader I will defs take the opportunity to sell some coin then come back for the next pump. I've taken some profit, but still have a good chunk in SOL.
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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.