SOL - 12h - Buyers need to hold down $125 to test $220
Updated
Slowly but surely, the SOL price correction came to an important range of $125-132. Moving in a clear correction channel, the SOL price showed that sellers are not yet ready to take the global initiative into their own hands. This is noticeable both in the trading volumes, which are lower during the correction than during the growth, and in the rate of movement. If it took buyers two days to raise the price from $125 to $216, sellers went that way in 12 days.
At the moment, there are two main critical points for the SOL market - these are the $125 and $ 5 mark range
If you look at what trading volumes the mark of $125 has stood on September 7, it becomes clear that there is an interested buyer who will not miss the SOL price without a fight.
The second important range of $175-185 played an important role during the SOL price rally from September 5th:
As you can see on the chart, it was in this range that the main SOLANA sales took place. Buyers managed to raise the price above this range, but there was no more active growth in the market.
Considering the high probability of a rebound in the BTC market after the $40,000 test and the low level of BTC dominance, the SOL price has a great chance of pushing the $220 mark. For this, however, we expect to see another $125 durability test. As you can see on the chart, the SOL price is moving in the global growth channel. Testing the strength of the lower trend line can be a powerful trigger for the formation of a new wave of growth.
By analyzing the SOLBTC chart we can conclude that a new local growth wave may not outgrow the global one:
The correction that started in the SOL market is too weak to lay the foundation for a new rally. Therefore, globally, the SOLANA market has not yet completed its correction in our opinion, and you should be careful with long-term long positions.
At the moment, there are two main critical points for the SOL market - these are the $125 and $ 5 mark range
If you look at what trading volumes the mark of $125 has stood on September 7, it becomes clear that there is an interested buyer who will not miss the SOL price without a fight.
The second important range of $175-185 played an important role during the SOL price rally from September 5th:
As you can see on the chart, it was in this range that the main SOLANA sales took place. Buyers managed to raise the price above this range, but there was no more active growth in the market.
Considering the high probability of a rebound in the BTC market after the $40,000 test and the low level of BTC dominance, the SOL price has a great chance of pushing the $220 mark. For this, however, we expect to see another $125 durability test. As you can see on the chart, the SOL price is moving in the global growth channel. Testing the strength of the lower trend line can be a powerful trigger for the formation of a new wave of growth.
By analyzing the SOLBTC chart we can conclude that a new local growth wave may not outgrow the global one:
The correction that started in the SOL market is too weak to lay the foundation for a new rally. Therefore, globally, the SOLANA market has not yet completed its correction in our opinion, and you should be careful with long-term long positions.
Trade closed: target reached
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