Looking at Solana on the daily timeframe we can see a clear breakout from the sloping trendline that has acted as a major resistance level looking back which is a good look for SOL to now be above it.
Since then SOL has slightly pulled back to retest the sloping trendline (now support).
I see a good chance of SOL heading higher in price if it can hold and stay above the red zone (support), the sloping trendline and the 50 sma (red line)
But on the other hand a daily close below these levels, which there's still a probability of happening would be a sign of weakness and would increase the probability of lower prices to come for SOL, potentially making it down to the blue zone
Trade happy, trade safe and trade green
Since then SOL has slightly pulled back to retest the sloping trendline (now support).
I see a good chance of SOL heading higher in price if it can hold and stay above the red zone (support), the sloping trendline and the 50 sma (red line)
But on the other hand a daily close below these levels, which there's still a probability of happening would be a sign of weakness and would increase the probability of lower prices to come for SOL, potentially making it down to the blue zone
Trade happy, trade safe and trade green
Kommentar:
If a bounce does occur there's a possibility that price could make it back up to the recent high of around $26
