Solana(SOL): Way Too Overbought???
We're standing at a critical juncture. The price is currently challenging a resistance zone; a decisive close above this level could catalyze a significant surge towards higher zones. This resistance area has been a battleground in recent times, and a secure breach could shift market sentiment to a further bullish stance.
Conversely, failure to overcome this resistance, particularly with a weekly close below resistance, could signal an inability to maintain bullish momentum. In such a case, a downward trajectory towards the lower Fair Value Gap (FVG) zones may unfold, offering a reclamation opportunity for bears. This dual-scenario outlook underscores the importance of the upcoming weekly close, which will likely dictate the short- to medium-term trend for SOL.
Conversely, failure to overcome this resistance, particularly with a weekly close below resistance, could signal an inability to maintain bullish momentum. In such a case, a downward trajectory towards the lower Fair Value Gap (FVG) zones may unfold, offering a reclamation opportunity for bears. This dual-scenario outlook underscores the importance of the upcoming weekly close, which will likely dictate the short- to medium-term trend for SOL.
Comment:
With the price having an aggressive breakout (which led to a price close to $100), we see some weakness kicking in, which could indicate an upcoming correctional re-test, which might happen soon. Although $100 has not been reached yet, we might touch it once or twice more before moving for a smaller correctional movement towards $87. From there, we have to see the reach of the market price in that zone before making any further decisions!
With the price having an aggressive breakout (which led to a price close to $100), we see some weakness kicking in, which could indicate an upcoming correctional re-test, which might happen soon. Although $100 has not been reached yet, we might touch it once or twice more before moving for a smaller correctional movement towards $87. From there, we have to see the reach of the market price in that zone before making any further decisions!
Comment:
Sol has been having an amazing 40% gain after securing that red zone.
Sol has been having an amazing 40% gain after securing that red zone.
Comment:
After an amazing 40% gain, SOL has been having some downward movement "correction."
We are looking most likely for that re-test to that same broken zone, which will now most likely become a support (if re-test is secured)
After an amazing 40% gain, SOL has been having some downward movement "correction."
We are looking most likely for that re-test to that same broken zone, which will now most likely become a support (if re-test is secured)
Comment:
As many of you know, we had a nice 45% market price move on SOL coin, which moved this one way over the line in the overbought zone! After that movement, we have started the short of SOL coin (as some of you might remember)
This is basically our whole game plan, where we want to see the price at least near the broken resistance zone, but we might fail there as well, so we have to be careful!
As many of you know, we had a nice 45% market price move on SOL coin, which moved this one way over the line in the overbought zone! After that movement, we have started the short of SOL coin (as some of you might remember)
This is basically our whole game plan, where we want to see the price at least near the broken resistance zone, but we might fail there as well, so we have to be careful!
Trade closed: target reached:
The re-test filled nicely, and a movement of 33% has happened, which is amazing considering we had a nice 44% market price movement all the way up as well!
The re-test filled nicely, and a movement of 33% has happened, which is amazing considering we had a nice 44% market price movement all the way up as well!
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Sol has made a very nice breakout with 15% of market price movement from the resistance zone.
If the weekly closing will secure the price above the resistance, we will most likely see a nice rally to the upper zones, so buckle up and keep your eyes open for any sharp move-meetings that can happen (bearish as well).