๐SOL: open a long after THIS confirmation on chart!
Solana (SOL) is a top gainer of 2021๐ฅ But what happen to this alt in 2022? It depends on Bitcoin and Ethereum movement. As you see all alts fall by 75-90% following the movements of biggest crypto.
๐ฅIt was expected for Solana that it ALT can fall to the large green zone which is support for the price and a lot of liquidity for the whales.
๐But what about local scenario? On the chart I marked 2 liquidity gaps. As we can see, during the test of the $58-63 gap the price fell by 31%. This shows the weakness of the altcoin, but it did not fall below its lows, as even Etherium did - this is a positive signal.
Now there is a small squeeze under the trend line, but it seems to me that Solana has not yet accumulated enough strength to continue the growth. Therefore, a local decline is possible, and after returning to the trend line and a squeeze, the price can continue to move to the liquidity gap of $58-63.
โ What will indicate the presence of a buyer? The volume indicator will help identify if someone is accumulating a position before the trend line breakout. Therefore, it is essential to keep an eye on volume.
๐ฉWhat could stop the growth? It is necessary to pay attention to false breakouts of the local highs of $48.5 and $55. A big player can push the price up to make long traders fuel for the dump. Also, Bitcoin and Ethereum should indicate buyers power.
๐ปFriends, press the "like"๐ button, write comments and share with your friends - it will be the best THANK YOU.
P.S. Personally, I open an entry if the price shows it according to my strategy.
Always do your analysis before making a trade.
๐ฅIt was expected for Solana that it ALT can fall to the large green zone which is support for the price and a lot of liquidity for the whales.
๐But what about local scenario? On the chart I marked 2 liquidity gaps. As we can see, during the test of the $58-63 gap the price fell by 31%. This shows the weakness of the altcoin, but it did not fall below its lows, as even Etherium did - this is a positive signal.
Now there is a small squeeze under the trend line, but it seems to me that Solana has not yet accumulated enough strength to continue the growth. Therefore, a local decline is possible, and after returning to the trend line and a squeeze, the price can continue to move to the liquidity gap of $58-63.
โ What will indicate the presence of a buyer? The volume indicator will help identify if someone is accumulating a position before the trend line breakout. Therefore, it is essential to keep an eye on volume.
๐ฉWhat could stop the growth? It is necessary to pay attention to false breakouts of the local highs of $48.5 and $55. A big player can push the price up to make long traders fuel for the dump. Also, Bitcoin and Ethereum should indicate buyers power.
๐ปFriends, press the "like"๐ button, write comments and share with your friends - it will be the best THANK YOU.
P.S. Personally, I open an entry if the price shows it according to my strategy.
Always do your analysis before making a trade.
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๐ทTelegram ๐ t.me/+ICrmLIneDmRiYjIy
๐ทYouTube ๐ bit.ly/YouTube__Lessons
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