SOL Analysis
Sol has been the least interesting chart for almost 2 months. After losing the support at $26 and the nasty capitulation in response to FTX collapse, it goes as low as $8 where accumulation takes place. Now It is trading just below $26, its 5 months support now turned resistance. Once broken, could be a bullish breakout, so let's surf the chart.
Crypto market looks stronger with the bounce from Bitcoin while most Altcoins like SOL are correcting on their immediate resistances. After Bitcoin runs, stronger ALTS will bounce and be bullish on SOL in the near term once $26 is reclaimed and the daily MA 200 (sitting at around $27) is recaptured. It is also a very nice confluence area with the trend line and a breakout here could give a decent re-entry, the next resistance is at $38-$40. It is also notable that this range is the accumulation/demand zone in April to July 2021 before it breaks into new all-time high.
Surfin ends…
Crypto market looks stronger with the bounce from Bitcoin while most Altcoins like SOL are correcting on their immediate resistances. After Bitcoin runs, stronger ALTS will bounce and be bullish on SOL in the near term once $26 is reclaimed and the daily MA 200 (sitting at around $27) is recaptured. It is also a very nice confluence area with the trend line and a breakout here could give a decent re-entry, the next resistance is at $38-$40. It is also notable that this range is the accumulation/demand zone in April to July 2021 before it breaks into new all-time high.
Surfin ends…
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