It looks like Solana is finally ready to take a breather & hopefully pulls back! The reason I say “hopefully” is because a parabolic like run up in price action for so long without retesting previous resistances & officially flipping these levels as support is unhealthy. Sure it’s fun & all, but that fun will not last. The faster we go up without retests = the faster we’re going to fall & that much easier to plummet down with little to no support. The longer price stays at or hits a certain level, the harder it becomes to break that level! Last bullrun
SOL
shot up from $20 to over $200 in a short period of time, it wasn’t the most healthy run up due to a lack of retracements confirming solid support level… and what happened? Price action fell back down, cutting through what little support we had like a hot knife through butter! Solana isn’t necessarily in price discovery as we’ve seen these levels before, BUT we haven’t seen them for long! I.e.,
BTC
at 21k & 30k & 48k = a lot of activity basically means a lot of trades were places & a lot of money was passed around near these zones. Now
SOL
on the other hand… does not have these confirmed price levels to act as a floor. This means it’s going to be pretty easy to fall right back down with little/less hope of bouncing off one of these “floors.”
SOL
shot up from $20 to over $200 in a short period of time, it wasn’t the most healthy run up due to a lack of retracements confirming solid support level… and what happened? Price action fell back down, cutting through what little support we had like a hot knife through butter! Solana isn’t necessarily in price discovery as we’ve seen these levels before, BUT we haven’t seen them for long! I.e.,
BTC
at 21k & 30k & 48k = a lot of activity basically means a lot of trades were places & a lot of money was passed around near these zones. Now
SOL
on the other hand… does not have these confirmed price levels to act as a floor. This means it’s going to be pretty easy to fall right back down with little/less hope of bouncing off one of these “floors.”