We are in a bullish trend and just need to cool down and think how far ahead we are.
In the first month of 2023, the crypto market outperformed all other assets (nearly +40% gains). The slowdown in Fed rate hikes and the fall in CPI make people feel that the spring is approaching. At this time, what you need to know is what the rapid rise in risk assets means for the policy maker. This week will usher in FOMC and employment data. Although there is a high probability that the interest rate will be raised by 25bp, we believe that Powell's speech will bring uncertainty to the market.
The bulls in SOL have decayed before reaching the given resistance level. As the driver of the initial rising, the trading volume and gains in the second half of Jan have weakened. In detail, Sunday's green candle did not effectively break through the previous high and was quickly covered by the subsequent red candle.
Conclusion: There is a high probability that the callback has not ended. The callback has already begun after Monday's red candle. Like BTC and ETH, SOL will also enter a period of callback, which will be relatively strong in depth and duration. Based on the short-term direction is down and volatility has risen this month, we retain the original resistance level at 28 and support level at 17.6.
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 first month of 2023, the crypto market outperformed all other assets (nearly +40% gains). The slowdown in Fed rate hikes and the fall in CPI make people feel that the spring is approaching. At this time, what you need to know is what the rapid rise in risk assets means for the policy maker. This week will usher in FOMC and employment data. Although there is a high probability that the interest rate will be raised by 25bp, we believe that Powell's speech will bring uncertainty to the market.
The bulls in SOL have decayed before reaching the given resistance level. As the driver of the initial rising, the trading volume and gains in the second half of Jan have weakened. In detail, Sunday's green candle did not effectively break through the previous high and was quickly covered by the subsequent red candle.
Conclusion: There is a high probability that the callback has not ended. The callback has already begun after Monday's red candle. Like BTC and ETH, SOL will also enter a period of callback, which will be relatively strong in depth and duration. Based on the short-term direction is down and volatility has risen this month, we retain the original resistance level at 28 and support level at 17.6.
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.
