Happy New Year, Sypoolians. The market did not form trend during the New Year holiday, maintaining a movement within a narrow range. This week the U.S. Department of Labor will release the first important indicator of the new year, employment data. After the slowdown in rate hikes, the Federal Reserve has repeatedly stated that employment data will be used as an important indicator of economic slowdown. Compared with the decline of CPI, the increase of unemployment rate and the reduction of NFP are more meaningful.
In the market, we are concerned that the contradiction between Gemini and DCG still exists, and both parties to the $1.7B borrowers hold their own explanations. At present, Gemini requires DCG to give a clear answer before Jan.8. This will also bring volatility to the price.
As we judged, SOL broke down the given support level last week. There was a obvious increase in the trading volume. The price stopped falling and fluctuated after touching 8. On Monday, it formed a green candle with high volume and came back above the given support level. With the Pin-bar came, 8 will be a new short-term bottom. Judging from yesterday's rise, the decline of SOL has ended, and the price has entered the rebound.
Conclusion: Mostly fluctuation. Although the price has come back again, there is still a certain selling pressure at 12, and the gap between bulls and bears is not obvious. There is a high probability that SOL will fluctuate again, waiting for a new direction to emerge. We maintain last week's resistance level at 15 and support level at 11.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
In the market, we are concerned that the contradiction between Gemini and DCG still exists, and both parties to the $1.7B borrowers hold their own explanations. At present, Gemini requires DCG to give a clear answer before Jan.8. This will also bring volatility to the price.
As we judged, SOL broke down the given support level last week. There was a obvious increase in the trading volume. The price stopped falling and fluctuated after touching 8. On Monday, it formed a green candle with high volume and came back above the given support level. With the Pin-bar came, 8 will be a new short-term bottom. Judging from yesterday's rise, the decline of SOL has ended, and the price has entered the rebound.
Conclusion: Mostly fluctuation. Although the price has come back again, there is still a certain selling pressure at 12, and the gap between bulls and bears is not obvious. There is a high probability that SOL will fluctuate again, waiting for a new direction to emerge. We maintain last week's resistance level at 15 and support level at 11.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
