Solana has been correcting since the market collapse of a couple of days ago. Note that even if the market is in a clear downtrend generally speaking, bear market rallies are not uncommon. They are shorter and less powerful that rallies in bull markets, but they still happen.
Price is currently in an uptrend and forming a ascending triangle. Note that this pattern really offers same chances of breaking one way or the other.
In order to for a good buy entry, we would need to break the triangle upwards, equally break resistance 2 ($22.60), and also break downslopping trendline that more or less coincides at this point with resistance 2. Preferably with a positive Marubozu candlestick at some point, or just a large candlestick showing impulse up. Then wait for a retracement that turns resistance 2 into support. If we get a bounce up after that, there's your entry. I would set TP just slightly below resistance 1 line, that roughly may coincide with upper trendline of the channel, that would also be acting as a resistance.
If differently, price breaks to the downside, we need a break of the triangle and of support at $21.10. Always better if we get a negative Marubozu candlestick at some point, or just a large candlestick showing impulse down. Wait for a retracement that turns support into resistance, then you have a sell entry.
Good luck to all
Price is currently in an uptrend and forming a ascending triangle. Note that this pattern really offers same chances of breaking one way or the other.
In order to for a good buy entry, we would need to break the triangle upwards, equally break resistance 2 ($22.60), and also break downslopping trendline that more or less coincides at this point with resistance 2. Preferably with a positive Marubozu candlestick at some point, or just a large candlestick showing impulse up. Then wait for a retracement that turns resistance 2 into support. If we get a bounce up after that, there's your entry. I would set TP just slightly below resistance 1 line, that roughly may coincide with upper trendline of the channel, that would also be acting as a resistance.
If differently, price breaks to the downside, we need a break of the triangle and of support at $21.10. Always better if we get a negative Marubozu candlestick at some point, or just a large candlestick showing impulse down. Wait for a retracement that turns support into resistance, then you have a sell entry.
Good luck to all
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