WHY IS $SOL CRUSHING? 🚨 What's Its Next Stop? 👇
Solana has dropped 14% in the past week due to several factors! What accounted the most is the significant sell off of SOL's memecoins and the total value locked (TVL) that has decreased. When TVL drops, it usually means that investors are losing interest in that asset. From a technical indicators prospective, SOL's price is suggesting further potential downside unless key support levels hold (S5). The price is facing strong resistance where the 50 (day) and 200 (day) EMA are located. Also the monthly RSI is around 60, signaling that a the correction is still on progress. What's really important right now, is to monitor the current weekly candle! As I marked in the chart (weekly zoom in), if the weekly candle will close below the triangle pattern, then mostlikely the price will revisit S5!
According to this situation I'll implement the following medium term strategy:
If the weekly candle will close below the triangle pattern, I'll open a short position with stop loss at $157.4 with first take profit at $115 (50%) and $94 (50%). In case the weekly candle will close above (inside) the triangle: stop loss $125 and take profit at $200. NOTE that I'll define the entry price only once the weekly candle will close (in 24 hrs). That's a medium term strategy, so my position may stay open for weeks! Further updates will come! 💪
Will SOL Hit Its Previous ATH ($260) Again? 🤔 Let Me Know In Comments!
STAY TUNED! 🔥 & Do Not Forget To Cast Your VOTE On My Profile! Your Support Is MASSIVELY Appreciated!👍💪 - DYOR 🙏 NFA.🤝
