#SOLANA : Why I am buying it ⁉️
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1. Previous Bullish Stance: Yesterday, I expressed a relatively bullish view on Solana. In hindsight, this view seems correct.
2. Current Position: I did long Solana, albeit a bit late. I'm currently in profit, though I could have entered earlier.
3. Bearish Overview:
- On a larger scale, Solana is bearish, especially after the bearish breakout below 156.
- There isn't much bullish sentiment beyond this point.
4. Support Levels and Bullish Signals:
- Significant support at 140.
- Bullish divergence observed: Price made lower highs while RSI made higher highs, indicating increased relative strength despite price drop.
5. Trade Strategy:
- Mentioned in my premium group: If confirmation is gained, it could be a good trade.
- Confirmation came by breaking above 146, marking significant bottom confirmations with bullish RSI divergence and strong daily support.
6. Current Momentum:
- Solana gained momentum yesterday and might continue today.
- Bitcoin's potential recovery could influence Solana positively.
7. Awaiting Breakout:
- Technical situation shows a mix of bearish trends and bullish signals.
- Awaiting more confirmation with new market money flow.
- Key level to watch: Breakout above 149 or 150 could indicate bullish continuation to 156 or into the 160s.
8. Bearish Scenario:
- If Bitcoin drops and Solana fails to hold 140 or 145, the momentum could turn bearish, leading to further decline.
9. Bias and Outlook:
- Personally optimistic due to my position in Solana, but open to bearish outcomes based on market movements.
That's my full update on Solana. Let's see how the market evolves today.
