Sharyf, a crypto trader and analyst, shared insights on X about Solana’s market movements. The analyst highlighted a bullish signal for Solana, noting that the current swing high has surpassed the previous one.
This development suggests growing momentum for the blockchain platform. Moreover, SOL continues to demonstrate bullish momentum despite the volatility in Bitcoin CME Futures.
Sharyf analyzed Solana, highlighting key technical indicators suggesting a positive outlook. Besides, this analysis contrasts with Bitcoin’s trading position, which is experiencing high volatility within a defined CME gap.
This is what I see on #Solana $SOLThe current swing high has broken the previous swing high. It is a good sign. Right now, the price has retraced to 0.6 Fib.So, good to buy more SOL.If the Fib retracement low breaks, it can retest at least the previous low $121. pic.twitter.com/oLSiRhDYNX
— Sharyf (@m_sharyf) August 3, 2024
Solana Price Analysis
Sharyf’s analysis focused on Solana’s Fibonacci retracement levels. Moreover, he observed that SOL’s price has dropped to the 0.6 Fibonacci level. This technical indicator is often used by traders to identify potential support and resistance areas.
“Right now, the price has retraced to 0.6 Fib. So, good to buy more SOL,” Sharyf tweeted. The analyst’s statement implies that the current price level could present a favorable entry point for investors looking to accumulate more SOL tokens.
While the overall tone of Sharyf’s analysis was optimistic, the trader also considered a potential bearish scenario. Sharyf cautioned that if the Fibonacci retracement low breaks, Solana’s price might retest the previous low of $121.
Read also: How This Meme Coin Trader Made $24,000,000 With Dogwifhat (WIF)
Bitcoin CME Futures Context
Interestingly, the broader crypto market context includes movements in Bitcoin CME Futures. The 4-hour chart reveals two notable CME gaps. The upper gap is located around the $62,945 level, while a lower gap exists near $61,000.
The presence of these CME gaps in Bitcoin futures could impact overall crypto market sentiment. Traders often pay close attention to gap-filling scenarios, which can lead to increased volatility. This broader market context may influence Solana’s price action in the short term.
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Show more +Show less – Trading Strategies
Based on Sharyf’s analysis, some traders might consider entering long positions on Solana near the 0.6 Fibonacci retracement level. However, prudent risk management would suggest placing stop-loss orders below this key support. The $121 level mentioned by Sharyf could serve as a potential target for stop-loss placement.
Solana’s recent price action, breaking above the previous swing high, has sparked optimism among some analysts. Sharyf’s identification of the 0.6 Fibonacci retracement as a buying opportunity provides traders with a specific level to watch.
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