SOLUSD wedge pattern break with 2 targetssolusd on 1 day key support area
on 1 hr price form a wedge pattern and a break of wedge resistance
2 targets
SOLUSD trade ideas
Long trade
15th June 24
8.00am
London to New York Session
Buyside
4Hr TF
Entry 144.573
Profit level 159.084 (10.04%)
Stop level 142.568 (1.39%)
RR 7.24
Solana is approaching the main trendHey Traders, in today's trading session we are monitoring SOLUSDT for a buying opportunity around 139.00 zone, Solana is trading in an uptrend and currently is in a correction phase in which it is approaching the trend at 139.00 support and resistance area.
Trade safe, Joe.
Buy the dip on Solana - bouncing off support soonTouching the strong resistance line, likely to bounce up in the coming months on technical basis. Fundamentally it is strong in adoption and once the fed cuts interest rate by year end, money market funds and idle cash will start to flood into risk assets such as solana.
SOLUSD Not the time to buy yet.Watch the 1WRSI. Is 4k realistic?Solana (SOLUSD) has been on a correction mode since the March 2024 High, in an attempt to technically harmonize the massive rally of 2023. The 1W RSI Double Topped in the same month and this is where all the essence of the current price action is.
The 1W RSI peaked on the exact same level (86.00) back on the week of August 24 2020. It didn't find a bottom before entering into bearish territory again around 41.50. That correctional Channel was more aggressive than the current, so this time we may only seek confirmation from the 1W MA50 (blue trend-line), which has been supporting ever since the late September 2023 bullish break-out.
In any case, we believe that the RSI's Bull Cycle Buy Zone, will again give the most optimal buy entry, so we haven't bottomed yet. In any case, we are well within the Mayer Multiple Bands, in fact March's rejection came on its 2 SD above, at the bottom of the Red Wave.
During the previous Cycle, Solana rose by 51250% from the time is started to form the current long-term Fibonacci Channel Up. If we measure the same % growth from the recent Bear Cycle bottom, then we are looking at a peak a little above $4000.
Odd as it may look, keep in mind that Solana has already rose by +2500% up to March's High and if it indeed reaches 4k this Cycle, the rise will be less (+1900%) from March's High than it was from December 2022 to March 2024.
Unrealistic or not, it is up to your mind and capital to judge that but it is a fact that the market is only now entering the most aggressive phase of it Bull Cycle.
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SOLANA getting ready for big moveSOLANA getting ready for big move
Buy near 147-148
Stop loss at 139
Target 180-190 short term
Bullish rise?SOL/USD is currently reacting off the support level which is a pullback support and could potentially rise to our take profit.
Entry: 145.30
Why we like it:
There is a pullback support level
Stop loss: 138.32
Why we like it:
There is a pullback support level which aligns with the 138.2% Fibonacci extension.
Take profit: 161.68
Why we like it:
There is an overlap resistance level which is slightly below the 61.8% Fibonacci retracement.
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
SOL analysisHello guys,
Here's my next trade for Solana
I'm entering long as the price bounced from the trendline and I'm expecting to hit at least the upper trendline from the channel.
DYOR and stay safe :P
SOL AnalysisHello,
Here is my plan IF we see a breakout from this trendline to the upside.
I am planning to hold it until it reaches the diagonal trendline that was validated with the recent swing high. I've marked it for you.
Stop loss is below the swing low and the downside of the trend channel for more security and to avoid fake outs.
Please dyor and enter only if the price breaks like mentioned above.
Stay safe and keep earning :)
Bearish drop?SOL/USD is reacting off the resistance level which is a pullback resistance and could potentially fall to our take profit.
Entry: 149.31
Why we like it:
There is a pullback resistance level.
Stop loss: 157.34
Why we like it:
There is a pullback resistance level which aligns with the 38.2% Fibonacci retracement.
Take profit: 138.24
Why we like it:
There is a pullback support level.
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
Solana to tap around $150 before sending to new ATHThis wedge pattern is a strong bullish signal for Solana, in my opinion. It's in a slight downward trend currently, but I do believe considering the high volume support around the $150 zone, that it will tap there and then eventually soar to new all-time highs.
Bearish divergence H&SMarket is weak and the price is strong, mean hard reversal.
Clearly, H&S 99% is formed.
Bull Trap. The cheese must be good. $90 - $75 TP.NFA. DYOR.
We are in a distribution phase. TP and buy zone set out $90 to $75.
SOL AnalysisHello Traders!
I've been analyzing the market today and I decided to open this trade.
It is a bit risky but the risk to reward ratio is big. I'm expecting this move to be a bear trap. I might be wrong as this is like trying to catch a falling knife (which almost never works as expected). I am just trying some new things and my experience allows me to try this from time to time. I'll keep you updated. I do not recommend taking this trade, but I want to show you that I am fully transparent and I will show you all of my trades. No matter losing or winning. Stay safe, do not risk more than 3% of your portfolio and keep earning! :)
$SOL is about to enter orbitCOINBASE:SOLUSD has established a strong rebound from a massively oversold RSI basis (4h)-- the trend shows that there is massively bullish potential if/when it does break out
Tug of war ahead!Short term bearish momentum but as long as ETH bounces off trendline support we'll see more upside.
Solana Searching For Direction: Will SOL Break Free Or Fall Flat
Solana (SOL), the high-speed blockchain once leading the charge in the 2023 bull run, finds itself in a state of uncertainty. Over the past few days, SOL's price has been stuck in neutral territory, oscillating between $155 and $170. This stagnant price action leaves investors both cautiously optimistic and undeniably confused about the future direction of the cryptocurrency.
Conflicting Technical Signals
Technical indicators often used to gauge cryptocurrency price movements paint a conflicting picture for Solana. On the bearish side, the dreaded "death cross" has emerged. This ominous signal occurs when the 50-day moving average dips below the 200-day moving average, historically indicating a potential short-term price decline.
However, a glimmer of hope remains. The Relative Strength Index (RSI) for SOL currently sits in neutral territory. While not a bullish sign in itself, a neutral RSI suggests some underlying buying pressure, even if it's weak. This contradicts the "death cross" and hints that a significant price drop might not be imminent.
External Factors Loom Large
Beyond technical indicators, external factors could significantly impact Solana's future trajectory. Regulatory decisions from governments and financial institutions remain a wild card. Stringent regulations could dampen investor confidence and hinder the growth of the entire cryptocurrency market, including Solana.
Furthermore, the broader market sentiment plays a crucial role. If the overall cryptocurrency market experiences a significant correction, it's highly likely that SOL would be dragged down along with it, regardless of its own technical merits.
Solana's Strengths: A Beacon of Hope?
Despite the current uncertainty, Solana boasts several strengths that could propel it forward. Its blazing-fast transaction speeds and scalability have attracted developers seeking to build innovative decentralized applications (dApps) on its platform.
A thriving dApp ecosystem is crucial for any blockchain's long-term success. If Solana can continue to foster a vibrant dApp developer community, it could drive increased demand for SOL, potentially leading to a price surge.
Analyst Predictions: A Mixed Bag
Looking ahead, analysts offer a mixed bag of predictions for Solana's price. Some, like the report from CoinCodex, project a bullish surge to $185 by July 10th. This optimistic outlook hinges on the assumption of positive developments within the Solana ecosystem.
However, this bullish sentiment clashes with the bearish technical indicators and the "greed" reading on the Fear and Greed Index. A high "greed" reading can sometimes indicate an overvalued market, potentially leading to a correction.
The Verdict: Wait and Watch
In conclusion, Solana's current state presents a complex picture for investors. While technical indicators are sending mixed signals, the broader market environment and potential regulatory hurdles add further uncertainty.
However, Solana's core strengths in speed and scalability remain attractive. The continued development of a robust dApp ecosystem could be the key to unlocking SOL's true potential.
For now, investors should adopt a wait-and-watch approach, closely monitoring both technical indicators and external factors that could influence Solana's price.
$80 is a magnet for SOL....Excuse the overload of channels here, but I find them helpful when evaluating the potential bottoms of bigger moves. Here we see downward and upward channels supporting SOL. But even so it looks weak, and historically ends in a move lower.
With that said, we need to break supports, which will happen in a gentle move through it, following by acceptance a big sell off. OR a move higher to trap longs, followed by an aggressive move down.
Either way, I am expecting a move lower, and use channels to help guide my bids. I expect the move to be violent enough to take out the entire channel, and find support at the mid line of a new channel below. This strategy has proven very helpful for me in the past.
With the confluence of the midline of this new channel and horizontal support, I expect a big bounce around $80.
Good luck.
SOL AnalysisI'm expecting a continuation of the downward movement. I'm aiming for the recent swing low for around 2%. After that we might see a bounce.
Stay safe and cautious. Do not risk more than 3% of your portfolio for this trade.
Potential bearish drop?SOL/USD is reacting off a resistance level which is a pullback resistance that lines up with the 38.2% Fibonacci retracement and could fall to our take profit.
Entry: 161.79
Why we like it:
There is a pullback resistance level which lines up with the 38.2% Fibonacci retracement.
Stop loss: 169.58
Why we like it:
There is an overlap resistance level which lines up with the 78.6% Fibonacci retracement.
Take profit: 153.90
Why we like it:
There is a pullback support level.
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
