Solana Weekly Turns Bearish From Bullish: 2024 vs 2022The weekly candle for Solana is turning bearish, I shall explain.
This candle, which is marked on the chart and is also the current active session, started full green, as the week developed we can see a long upper wick. This is not what you want to see in a bullish continuation.
In a bullish continuation you want to see either the action happening at the top of the session always, or the session starting red, down, and then recovering and leaving a lower shadow/wick as it moves higher to close the week green.
If this pattern continues, the candle can turn red and thus a major bearish signal.
Taking into consideration the fact that it has now been 7 months of sideways action with bearish tendencies, this is super bad.
Either it breaks up or breaks down.
It can take a while, a long while, as we are seeing here, but two down-burst are already present in April and August. This week turning bearish would only strengthen the bearish bias and signal a new drop.
Now, here is the bad news. Since it has been consolidating for so long, the drop can be super strong.
If you get three weeks sideways, any drop or rise would only have three weeks of consolidation strength. If you get seven months sideways, whatever happens next is a major move...
If you read this through, follow up this trade-idea by reading the PEPEUSDT one that I will publish next. It will be the same dynamics, just so you can see how the entire market is one and how close we are getting to the next drop.
This is the data coming from the chart.
It was so easy to be bullish back in 2023 when prices were low. You can visit my profile and use the search filter and type SOLUSDT. Scroll all the way down until early to mid-2023. You will find dozens if not hundreds of bullish trade-ideas for Solana. Back in those days, it was very easy to be bullish and say, "Solana is going up!" Right now, it is very hard to do so, because the chart is pointing down not up.
Notice how in late December 2022/early January 2023 we have a major bullish signal in the form of super high volume. Then it is easy to say we will see growth because of the strongest buy volume and the low price on the chart.
Look at the chart now, where is the volume?
Where is the momentum?
Where is the excitement?
How high is Solana trading?
Once we hit bottom, there is no other place to go but up.
But once we are at the top, we can only fall down. There is nothing higher than the top.
From the bottom we grow.
From the top, we move back down in order to revisit our experiences, gain wisdom and strength, and then return back up.
Namaste.
