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SOLUSD trade ideas

SOLUSD Can $5000 become a reality??Solana is overbought on the 1D technical outlook (RSI = 75.694, MACD = 9.354, ADX = 24.946) and even more so on 1W (RSI = 84.892) but that doesn't seem to stop its remarkable uptrend as it broke over the R1 level (144.00) today and the only Resistance standing now is the ATH (261.50). The price action is so far quite similar to the very beginning of Sol's trading days and the CCI supports that. Consequently, if the long term pattern is a Channel up, we can see a Bull Cycle up to early 2025 and peak near its top (TP = 5,000). ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
CRYPTO:SOLUSDLong
by InvestingScope
5
SOL proceed with caution but keep an eye on itAlthough SOL has had a lot of strength lately it's important to pay attention to the region we're in now. Based on the fib retracement from the last high to the lowest point we're approaching the 0.6 golden ratio retracement. This region being a zone of big resistance I'd watch to see how it reacts and look for this level to get flipped before going in. Following this targets are set as the orange dotted lines based on monthly key levels. Based on how price reacts to these levels if we pass the last high it's clear skies. SOL has an x-factor which is its market of NFTs. Especially as meme coins and such are trending at the moment keep in mind this has boosted SOL's performance. Every time such digital products are transacted it's using SOL. This hype may not last so it's important to keep an eye on price but to keep emotions out of it.
COINBASE:SOLUSDLong
by sachu_blessyou
>$140 SOLANA AFTER BTC ETF APPROVAL Macro-wise SOLANA is currently in the top 5 based on market cap and is performing extremely well in terms of active users and DEX volume. The BTC ETF approval is on the horizon and institutional money is getting ready to pump spot BTC purchases which is going to bring everything up in the coming weeks. On the day chart the trend remains strong. The cRSI is within an oversold area while the price remains within the trend. RedK indicator is showing that selling energy is comparatively low to the buying energy. Interest in selling is declining along with the volume. Its likely that we're seeing some profit-taking at this level of the rally and buyers are waiting for a better entry. Given that the recent dump in BTC cleared up a large amount of over-leveraged positions, I think its normal to see SOL cool-off for a bit before we resume momentum to the upside.
BINANCE:SOLUSDLong
by lightcryptoseer
SOL - Fuel Availability AssessmentAt this time it would be premature to draw definitive conclusions about the situation. We need to be patient and wait for the critical crossover point. I am leaning towards reducing asset values and taking liquidity down from lower levels while addressing the "FVG" issue. I intend to explore lower time frames (LTF) of 15 minutes to 1 hour to determine a suitable entry point. If an "OB" breakout occurs, I will switch to capitalize on the prevailing trend. Conversely, if the bears show resilience and form a downward trajectory, I will position myself appropriately within the downtrend.
COINBASE:SOLUSDShort
by truepersonal
Solana’s breaking above an invh&s that’s also a right shoulder Priceaction is currently above the neckline of this daily chart inverse head and shoulder pattern on solusd with one daily candle close above the neckline so far. Should it trigger the breakout the measured move target is $135 which would put price action above the neckline of a much bigger weekly chart inverse head and shoulder pattern’s neckline. The measured move breakout target for that larger invh&s. Pattern would be around $242. Last October we saw the Dow Jones Industrial chart also start to break above a big inverse head and shoulders pattern that also had a right shoulder which was it’s own smaller inverse head and shoulders pattern just as we are seeing come to fruition now on the Solana chart. We must remember on that chart we had an initial fakeout above both necklines around July so there’s always a chance the initial break above the necklines for this solana chart starts as a fakeout too. However since then, The DJI chart has hit the target of it’s smaller inv h&s target and is very close to hitting its bigger inv h&s target so I’d say using that as a precursor, probability is rather high for solana to also hit both of its breakout targets within the coming months. *not financial advice*
COINBASE:SOLUSD
by DrDovetail
12
Solana - Wyckoff Mark Up ExampleSolana vs. Wyckoff Logic SOLUSD example of mark up in the Wyckoff logic schematic. If unfamilar, there are market phases according to Wyckoff Logic: Accumulation: The phase where the market stops falling and begins to form a base, suggesting that demand is starting to overcome supply. It is characterized by a selling climax, where the price falls sharply, and the volume is high, indicating panic selling. After the climax, there is typically a phase of sideways movement, with occasional tests of the lows. This phase is labeled as the cause, setting up for a new upward trend (effect). Markup: After accumulation, the price starts to rise, signifying that the market is entering the markup phase. This phase is indicated by a rise in price away from the accumulation zone, often with increasing volume, which is interpreted as the start of a new uptrend. Distribution: This is the phase where the market tops out and is characterized by a buying climax. Supply begins to overcome demand as the "smart money" starts to distribute their holdings to the market. The distribution phase is also labeled as the cause for the subsequent downtrend. Markdown: Following distribution, the market enters the markdown phase where prices start to fall consistently. This phase is shown by a break of support levels with increasing volume, indicating a strong presence of selling pressure. The image also depicts the concept of "Volume" with a histogram at the bottom. The volume bars are colored in red and blue, generally indicating selling and buying volume, respectively. The histogram helps traders identify moments of high or low volume, which can be a sign of the strength or weakness of a particular price movement. Wyckoff's analysis technique is grounded in the study of price action, volume, and time, as they relate to supply and demand. It is a tool for understanding the market's structure and potentially predicting future price movements by identifying the actions of large institutional traders and investors.
COINBASE:SOLUSDEducation
by kingthies