SOLANA 1D RANGE
Updated
There is no denying the last few months in crypto have been frustrating to say the least. With a brutal seemingly endless chop despite some very bullish events such as the halving, BTC & ETH ETFs, institutional interest and buying, presidential candidates in support of the industry etc. Bitcoin still struggles to break and stay above its '21 ATH @ $69,000.
For altcoins, and in particular SOL, this means they bleed as well and more often than not, they bleed more than BTC. Since range highs we've seen multiple retests of the lows and no retests of the highs, currently price has lost the range midpoint after hitting diagonal resistance and could potentially be targeting range low once again. The difference this time is the 1D 200EMA which usually serves as a Bullrun launching pad will be above that range low, any acceptance below this moving average is catastrophic for SOL.
SOL has recently overtaken ETH in daily DEX volume more than once in the recent past, which has signalled a shift in on-chain preferences for traders of lower-cap coins. This could help to keep SOL afloat compared to other L1'S and alts in general however if the environment truly is risk-off then it may not be enough.
From a bulls standpoint you'd like to see SOL hold price in this bullish Orderblock and at the worst $138 which is where daily support & 1D 200EMA is situated.
With rate cuts predicted to be coming in September, it feels like a survive the next 6 weeks and thrive in Q4. Until then it's capital preservation market conditions.
For altcoins, and in particular SOL, this means they bleed as well and more often than not, they bleed more than BTC. Since range highs we've seen multiple retests of the lows and no retests of the highs, currently price has lost the range midpoint after hitting diagonal resistance and could potentially be targeting range low once again. The difference this time is the 1D 200EMA which usually serves as a Bullrun launching pad will be above that range low, any acceptance below this moving average is catastrophic for SOL.
SOL has recently overtaken ETH in daily DEX volume more than once in the recent past, which has signalled a shift in on-chain preferences for traders of lower-cap coins. This could help to keep SOL afloat compared to other L1'S and alts in general however if the environment truly is risk-off then it may not be enough.
From a bulls standpoint you'd like to see SOL hold price in this bullish Orderblock and at the worst $138 which is where daily support & 1D 200EMA is situated.
With rate cuts predicted to be coming in September, it feels like a survive the next 6 weeks and thrive in Q4. Until then it's capital preservation market conditions.
Comment
SOL @ RANGE LOW after losing the 1D 200EMA Brutal sell-off continues but do we bottom here at range low?
For now the daily has wicked below and barely regained the low. I would like to see more strength here before a LONG trigger.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.