SOL Has been consolidating since Mid-December, and now it could be gearing up for a bullish continuation to the upside.
I have provided three potential paths for the chart, red being most degenerate, and green being the best long opportunity in my eyes. If SOL was to retest the range lows, it would be a beautiful setup for a long, but I don't think it is likely to happen, nor do I expect the red path to happen. Yellow, a breakout and retest of the current channel, would set us up well in the macro timeframe, with a potential scalp short when we near the POC at $240.3 USD
Key Points:
- 50D SMA- SOL is pushing to reclaim the 50D SMA, ~$228, if it gets to $228 I think one could go long with a stop loss at $223
- 100D SMA- $233, given the momentum on the short term, I think if SOL reclaims the 50D, it is likely to take the 100 as well as potentially push to range highs near $263 with a potential short scalp at the POC @$237.2
NFA DYOR Let me know your thoughts
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