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SOLUSD: Ready to breakout parabolically.Solana just turned bullish on its 1D timeframe (RSI = 58.732, MACD = 1.506, ADX = 22.317) but remains neutral on the 1W (RSI = 51.934, MACD = 6.162, ADX = 25.249) which underlines its undervalued nature. Since the August low, the price has held the 1W MA50, cementing it as Support and appears to be ready for a breakout. This breakout can be a parabolic one, same as the one that emerged on December 21 2020. This was the bullish wave of SOL's historic Channel Up pattern and it came when the 1W RSI rebounded on the pressure zone. This is exactly where the price sits today. Even though that would catapult its market cap and high adoption is needed behind it (along with other fundamental catalysts), technically if those conditions emerge, we can see Solana making a new HH on its Channel Up, TP = 5,000. ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
CRYPTO:SOLUSDLong
by InvestingScope
2
Solana Rally almost overAmong all the blue-chip alts, Solana has had the most impressive run so far. It has almost 9X'ed from its bottom in July this year. But technical are showing signs that its rally is about to end and it's about to enter long term consolidation. So far it has had multiple drives of bearish divergence on Daily RSI and has hit its head in resistance with divergences. As you can see the RSI is trending inside a triangle and is about to hit the lower trendline of the triangle, so it possible we may see short term bounce once it hits the trendline or Bitcoin produces a bounce, but the upside is limited. If we get another push up, we might double top or if we create another high, but it won't be significantly higher than the current one as we have Weekly level right above the daily supply from where Solana has recently rejected. The weekly level is also surrounded by important fibs i.e. 0.886 from the march 2022 high and 0.5 of ATH. Also, if we look at the Weekly RSI it's in an extremely overbought zone, so hard to imagine there is much room left. I have highlighted the RSI in the past showing where Solana is in terms of bull cycle, it has a long way to go up in coming months and a year. Now coming back to Daily RSI in the main chart once the RSI breakdown happens from the Triangle, its measured move takes us to extreme oversold RSI levels. I have measured how long it took in the past for the RSI to get down to extremely oversold conditions when the RSI was in similar state. It took approx. 60 to 70 days. 60 to 70 days from now is march April TF approx.., and we all know from the BTC cycle perspective we always get a dip right before the Halving which servers a double bottom for real bull market to take shape. BTC halving is expected in April end in 2024 and its highly likely we will see BTC correct 30 to 40% from its top which will take All the alts down with-it including Solana, so it all fits with the timeframe of finding the possible bottom in March, April 2024. I have highlighted the next zone of accumulation for Spot Solana to hold for the next bull run in 2024 to 2025.
by zakoraio
3
SOLUSD Is it too late to buy now?Solana smashed through our 32.000 TP (chart at the bottom) and turned technically overbought on the 1D timeframe (RSI = 85.195, MACD = 3.972, ADX = 68.655). Even the 1W technical outlook has an overbought RSI = 74.450 and as the price is near the R1 level (48.500), which was the Resistance during July-August 2022, we may see a technical pullback to ease some of this excessive extension. On the long term this bullish trend is here to stay though, as the 1W MACD is on a Bullish Cross that just crossed over the 0.000 level and the trend is supported by a HL trendline. Consequently we will wait for a pullback towards the 1D MA50 and the 0.382 Fibonacci level around 31.000 to go long and target the 0.618 Fibonacci level (TP = 67.000). See how well our prior idea has worked: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
CRYPTO:SOLUSD
by InvestingScope
1
SOLUSD Strongest rally in 3 months and can hit $32Solana crossed over its 24.735 High of October and as this has been generated on a 1D MA200 rebound, it is extending the strongest bullish sequence since July. Backed up by a very bullish 1D technical outlook (RSI = 69.534, MACD = 0.859, ADX = 19.300) and a 1D MACD Bullish Cross, we are going long again now and target the R1 level (TP = 32.000). ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
CRYPTO:SOLUSDLong
by InvestingScope