Volatility has been increased as price approached their previous lows again. The U.S. stock market did not open yesterday, and the 3-day holidays made the bulls recover. However, it should be noted that the recent 3-day holidays were on Jun.20 and May.30, also showed a sign of rebound at that time. At present, high-inflation is hitting demand, and the weakness of capital is still continuous. The process of deleveraging has also push many lending and asset management companies to the edge of a cliff. The macro level is not optimistic.
After the recap was released last week, the price of SOL moved lower again as we expected, which was a shadow of the decline from Jun.10 to Jun.13. But the good news is that price has not returned to their previous lows like BTC and ETH. After falling, the bullish strength increased, the decline slowed, and it rebounded yesterday. In terms of details, the trading volume that rose yesterday was not significant, lower than the level of normal working days. Of course, the candles combination was not bullish enough. So even if it continues to rise, it will be difficult to break the previous high.
Conclusion: Mostly fluctuation. There is no obvious gap between bulls and bears. The good performance of SOL is mainly due to the accumulation of much supportive power near the given support level, which BTC and ETH do not have. So we give this conclusion. We maintain the support level at 28 and the resistance level at 42.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
After the recap was released last week, the price of SOL moved lower again as we expected, which was a shadow of the decline from Jun.10 to Jun.13. But the good news is that price has not returned to their previous lows like BTC and ETH. After falling, the bullish strength increased, the decline slowed, and it rebounded yesterday. In terms of details, the trading volume that rose yesterday was not significant, lower than the level of normal working days. Of course, the candles combination was not bullish enough. So even if it continues to rise, it will be difficult to break the previous high.
Conclusion: Mostly fluctuation. There is no obvious gap between bulls and bears. The good performance of SOL is mainly due to the accumulation of much supportive power near the given support level, which BTC and ETH do not have. So we give this conclusion. We maintain the support level at 28 and the resistance level at 42.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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