#SOLANA : Where to Buy ⁉️
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- I confirm being bullish on Solana, but note its dependence on Bitcoin.
- Short-term, both Bitcoin and Solana are seen as bearish due to recent bearish breakouts.
- Two main support levels for Solana are highlighted:
1) 164 with the 100 EMA and 0.5 Fib, and
2) 157 and 160 with the 200 EMA and 0.618 Fib.
- A historically significant level is 160, which was the top of the range in April and March.
- Ideally, confirmation of a support level would come from open interest rallying, indicating increased long positions.
- I am waiting for a bullish reclaim from either 164 or the more likely 160 level to target 175-185 in the short term.
- A break back above 170 from the current level is also possible, but less likely given the recent reaction and open interest.
- The markets, in general, are still bullish, and I believe it is more likely that cryptos will go up.
- Short-term Bitcoin is bearish, but I remain bullish on Solana fundamentally, as it continues to gain total value locked.
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