Hey everyone!
In on Solana. We can see here on the 1 HR chart that Solana has been making its way down a descending channel since our pump in late December. Over the last 24 hours, we have had a nice move down which resulted in a perfect retest and bounce at the bottom of our channel (Around 85.35). This now has the potential to be a beautiful long position. I know that there is a lot of discussion and anticipation for continued downward movement across the markets as a result of the ETF news, HOWEVER I'm cautiously optimistic about this position.
The current level falls within the .618 Fibonacci zone of our previous drive up. The Daily chart is also showing strong bullish divergence with MACD right now. I have just entered the position and I'm targeting our previous high to start. A break from the channel for continued upward movement is definitely possible, but that's obviously something we will have to wait and see about. Either way, I've marked out potential target areas as well.
Entry: 89.69
TP1: 107.1
TP2: 116.38
TP3: 126.96
Stop loss: 84.53
Trade responsibly and at your own risk.
DYOR
In on Solana. We can see here on the 1 HR chart that Solana has been making its way down a descending channel since our pump in late December. Over the last 24 hours, we have had a nice move down which resulted in a perfect retest and bounce at the bottom of our channel (Around 85.35). This now has the potential to be a beautiful long position. I know that there is a lot of discussion and anticipation for continued downward movement across the markets as a result of the ETF news, HOWEVER I'm cautiously optimistic about this position.
The current level falls within the .618 Fibonacci zone of our previous drive up. The Daily chart is also showing strong bullish divergence with MACD right now. I have just entered the position and I'm targeting our previous high to start. A break from the channel for continued upward movement is definitely possible, but that's obviously something we will have to wait and see about. Either way, I've marked out potential target areas as well.
Entry: 89.69
TP1: 107.1
TP2: 116.38
TP3: 126.96
Stop loss: 84.53
Trade responsibly and at your own risk.
DYOR