LIVE$SOL : Solana 📈
SOL began the month above $200 but did not hold such breakout. We slowly drifted into the $160 area which led to a bigger breakdown. SOL found support on the way down as price retested the previous highs at $126.
2. SOL is starting to form an awesome triangle. This could just result in a range, but we will get some more confirmation over the next week if this fully results in a triangle that we can trade.
3. For a long position, look for a reclaim of the $152 level, which should be a solid reclaim to see a continuation into $158 and $166.
4. In the long run, this retracement is a solid pullback to confirm a continuation for SOL to move up towards its ATH of $260. We may set a consolidation range before that breakout.
5. For a short this week, look for price to return under $130 this could lead price into previous range levels, and the breakdown could reach these levels at $125 and $117.
6. Ultimately, I believe SOL is on the right track to recovery, with on chain data looking positive again. We will see how this ends up playing out this quarter. The first breakouts will be important to lead price in the right direction.
