Despite the recent chop, when you zoom out to the 1D timeframe there is a clear pattern being followed since the April crash.
From the sub $100 low Solana has posted progressively higher lows in a parabolic fashion. The highs on the other hand are in more of a linear fashion as shown by the diagonal S/R level, at first it provided support and now since March it has been resistance.
So for me there are two possible actionable trades:
- Continuation of the parabolic move, this would include flipping the Diagonal S/R level, currently at time of writing this resistance level is being tested, a close above gives a better possibility of the rally continuing.
- The rally becomes exhausted and fails to flip the Diagonal S/R and loses the parabolic support level. Should this support break $185 is the first target (light green zone), $160 as the second target (dark green zone).
Important to remember we have CPI & FOMC rapidly approaching that could provide the volatility to trigger either of these moves, lets see what happens next.
From the sub $100 low Solana has posted progressively higher lows in a parabolic fashion. The highs on the other hand are in more of a linear fashion as shown by the diagonal S/R level, at first it provided support and now since March it has been resistance.
So for me there are two possible actionable trades:
- Continuation of the parabolic move, this would include flipping the Diagonal S/R level, currently at time of writing this resistance level is being tested, a close above gives a better possibility of the rally continuing.
- The rally becomes exhausted and fails to flip the Diagonal S/R and loses the parabolic support level. Should this support break $185 is the first target (light green zone), $160 as the second target (dark green zone).
Important to remember we have CPI & FOMC rapidly approaching that could provide the volatility to trigger either of these moves, lets see what happens next.
Nota
Cooler than forecast PPI print has pushed SOL beyond the Diagonal S/R, a close above this level and longs look favorable. Dagangan ditutup: sasaran tercapai
Major resistance tagged and the parabolic rally is complete for now going into FOMC midweek.It is possible for another leg up as support has not been broken but for now with important news coming shortly the R:R is not optimal for me. More will be known towards the end of the week.
Nota
+12% move from entry to local top. Nota
Second tag of the major resistance, parabolic support being tested now Nota
Parabolic support lost and as a result the diagonal S/R now being testedAs with all parabolic moves eventually the momentum will run out and retrace, Monday's close is very important here.
Nota
Perfect retest of the major support zone (Dark green box). Price acceptance above $190 is now key to the bulls reclaiming lost ground. 
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.