English
21173
If you don’t know what to do in the bull market, you are welcome to scan the code to join the group for free. The spot code and layout strategy of the bull market can be shared for free. Welcome to private message me to join us You can add Penguin number: 3838974575. Solana (SOL) is one of the top altcoins that is currently down as much as 40% during the price correction phase. Every time prices start to rebound, they get hammered. Will it make a full recovery soon?  Are SOL prices being suppressed? Every time SOL seemed about to breakout, Binance would flood Wintermute with SOL, triggering massive sell-offs and forcing the price back down. Could this be a strategy adopted by some institutions to drive down the price before the SOL spot ETF is approved? SOL price follows descending channel  Short-term data shows that SOL price has been declining within a channel since mid-September. Furthermore, the price has broken below support, turning it into resistance, and is now below the main uptrend line that started forming in April this year. Current price action suggests that the price is likely to fall back to the $156 horizontal support, which has shown strong strength previously. If this support breaks down, the next level of support could be the channel bottom or the main horizontal support at $127. Is SOL building a bottom, ready for a big move higher?  The main takeaway from the daily chart is that the price of SOL appears to be bottoming. $156 is a strong horizontal support line, as evidenced by the candlestick shadows below it, with one candlestick even touching the bottom of the descending channel. This is all good news for the market recovery, so bulls just need to ensure that the current correction does not roll back and confirm a break below horizontal support. Regaining above the 200-day moving average and the major trend lines are the two main goals. The top of the channel may also coincide with major trend lines and horizontal resistance lines, which would make it difficult for bulls to break out. 3 standout elements on the weekly timeframe  On the weekly chart, there are three notable features. The first characteristic is a bearish signal when a full candlestick with a longer body opens below an uptrend line and another candlestick also opens below that trendline. The second feature is a bullish signal, that is, this long negative line retests the bottom of the channel, This confirms the pattern’s downward trendline for the third time. Finally, the fourth feature, which is also a bullish sign and perhaps the most important feature, is that the Stochastic RSI line is bottoming. When they cross up, a bounce similar to the last time they crossed up is likely to occur. The last upward crossover resulted in a 167% gain. Yes, a backlash is imminent. If you don’t know what to do in the bull market, you are welcome to scan the code to join the group for free. The spot code and layout strategy of the bull market can be shared for free. Welcome to private message me to join us Penguin number can be added: 3838974575 |
|
|
|
|
|
