$SOL Solana Is Going The Way It Should Be - When Inside The Channel Move Within The Channel ๐
๐ข Since the start of the week the entire crypto market is shredding liquidity outside with a bearish outlook for the coming days. Now within the big names Solana is showing some strength even during this decline.
Now, I've been emphasizing more on the weekly time frame during this phase when it becomes difficult to predict the bottom. Some specific chart patterns and a handful of indicators makes our lives a little less difficult.
๐ As we can see the bull market peaked in late February and early March with a breakout from the channel and going past $200, but the correction landed Solana again within the channel erasing all the previous gains.
๐ Witnessing this weekly move, it seems Solana will stay within the channel. Even a breakout downside will test the $100 strong support level.
๐ The support at the lower trendline and on the middle band (Bollinger Band) is letting Solana to do a pullback going past $120 again after hitting a low of $118 for the day.
If this week's candle closes within the channel, Solana will continue to move within the channel and we could see a reversal soon.
Please Do Your Own Research before taking any trading decisions.
