Solana reaches major Fib Channel Target (compare BNBUSD)
This is basically a quickpost. The blue anchors show where both BNB and Sol have the fib log channels swing lows and a swing high point to define the fib log channel. Sol just closed at the op of the fib log channel 2 line. That is a very significant long term target after popping up out of a rising wedge. By my estimation most of the profits have already been made by going long. BNBUSD shows how powerful resistance at these levels can be.
There is a lot of clear bearish divergence on the MACD histogram and the volume and gravestone candle spell reversal. Yesterday's candle was already down over 17% from the high. To me that loudly states a lot of profit taking at the 2 line of the fib log channel
And just for the sake of the interested, here is your standard fib retracement. The golden pocket is often referred to the area between the 0.618 and the 0.65 retracement levels but I find that when doing retracements and extensions the 1.618 to 1.65 range works very well for targeting. And here he see it hit perfectly. I don't know what your trading system tells you. But mine says the upside is mostly gone.
Personally, I am not touching Sol in the near future. I have clearer entries on other tokens and coins that I think are closer to trending. In other words, I suspect this will chop around quite a bit. It is still pretty early but I would be watching for something like the chart below to play out. Fractal ABC corrections all over the place that could be played out technically for those interested. Of course, not financial advice and I am not a CMT.
There is a lot of clear bearish divergence on the MACD histogram and the volume and gravestone candle spell reversal. Yesterday's candle was already down over 17% from the high. To me that loudly states a lot of profit taking at the 2 line of the fib log channel
And just for the sake of the interested, here is your standard fib retracement. The golden pocket is often referred to the area between the 0.618 and the 0.65 retracement levels but I find that when doing retracements and extensions the 1.618 to 1.65 range works very well for targeting. And here he see it hit perfectly. I don't know what your trading system tells you. But mine says the upside is mostly gone.
Personally, I am not touching Sol in the near future. I have clearer entries on other tokens and coins that I think are closer to trending. In other words, I suspect this will chop around quite a bit. It is still pretty early but I would be watching for something like the chart below to play out. Fractal ABC corrections all over the place that could be played out technically for those interested. Of course, not financial advice and I am not a CMT.
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