SOL/USDT 1D trade idea
Solana has been one of the best performing majors so far this Bullrun, and has had one of the best reactions to the recent sell off.
The DAILY chart is an interesting one and clearly respects the range structure, currently the price has just rejected off the MIDPOINT and for me is an area of contention, there are some triggers i'd like to see and can take action on:
- Accumulation below the Midpoint before a break above putting in higher highs and higher lows when above. The target would then be range high with the 0.75 line as first TP.
- A new lower low and lower high on the LTF from now may signal a move lower, this could then find support at the 0.25 line which is also where the 1D 200EMA is and therefore good support.
The DAILY chart is an interesting one and clearly respects the range structure, currently the price has just rejected off the MIDPOINT and for me is an area of contention, there are some triggers i'd like to see and can take action on:
- Accumulation below the Midpoint before a break above putting in higher highs and higher lows when above. The target would then be range high with the 0.75 line as first TP.
- A new lower low and lower high on the LTF from now may signal a move lower, this could then find support at the 0.25 line which is also where the 1D 200EMA is and therefore good support.
Note
SOL bouncing off the 4H 200EMA zone well with a +6% on the daily candle.
Not saying we won't retest this area again at some point but that looks like strong support on the first touch.
Note
SOL is sat back on the 1D 200EMA and chopping sideways. The consensus is we're waiting for a BTC move to give the greenlight to launch off this level, however how long that will take is up for question.
With planned rate cuts beginning in September perhaps that will be the liquidity event needed, or is that too obvious? I'm keeping a close eye on this but I need to see some strength and purpose before committing at current levels.
Note
SOL sitting on the 0.25 / 1D 200EMA support still. BTC currently at the 4h 200EMA resistance and attempting to flip it into support, if this does happen it could start the move up for the rest of the market. Note
Yet again $120 holds a the bottom of the range.
Still stalling because BTC is continuing to chop, however the TP's and range still stands.
Range high in sight once BTC gets going, with CPI & PPI tomorrow and Friday we could see that soon.
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