Note: red lines/rectangles = resistance, green lines/rectangles = support.
Why the Price Went Down
Recently, SOL (Solana) went to around $240, and then got resistance on the large resistance area. Price plummeted down with 6 bear candles in a row and went down to the support area. After that, it got one more push, but this time it goes to the small resistance area. Price went down again.
Why I think the Price will Go Up
So after it got resistance again, it got support around the same area. I think the price will start to gradually go up again, but there are 4 areas of resistance that I have highlighted with red arrows. The lighter the color means the lesser probability of it being a resistance area. (ex. the large resistance area is the most probable because price hasn't passed it recently, while the small resistance area had been passed very recently.) Also, the RSI shows a bullish divergence which supports my idea.
Thank you for reading my idea!
Note: I AM NOT A FINANCIAL ADVISOR! DO YOUR OWN RESEARCH! DON'T INVEST MORE THAN YOU ARE WILLING TO LOSE!
Why the Price Went Down
Recently, SOL (Solana) went to around $240, and then got resistance on the large resistance area. Price plummeted down with 6 bear candles in a row and went down to the support area. After that, it got one more push, but this time it goes to the small resistance area. Price went down again.
Why I think the Price will Go Up
So after it got resistance again, it got support around the same area. I think the price will start to gradually go up again, but there are 4 areas of resistance that I have highlighted with red arrows. The lighter the color means the lesser probability of it being a resistance area. (ex. the large resistance area is the most probable because price hasn't passed it recently, while the small resistance area had been passed very recently.) Also, the RSI shows a bullish divergence which supports my idea.
Thank you for reading my idea!
Note: I AM NOT A FINANCIAL ADVISOR! DO YOUR OWN RESEARCH! DON'T INVEST MORE THAN YOU ARE WILLING TO LOSE!
