|| SOLUSD || $200 INCOMMING FOR SOL!! ||Good day all.
the current market structure for sol is preping itself for a break out of the above level of key resistance (displayed in yellow). I will be discussing a series of confluences in the following points below to strengthen my case.
Sol has been in a consolidation phase roughly since April, creating a healthy level of support and resistance for future market structure, considering the consolidation being so close to ATH ($260) is remarkable and normally a great indication of further continuation into price discovery.
Bullish pennant: market structure for the past couple months have formed a bullish pennant. Price has reached a pivotal point of a potential break resulting in a target of $227 which is roughly a 43% increase in value, however, there is still some way to go as price is sitting right under a key level of resistance expressed between the prices, 173 and 178.
If price is able to break this key level and hold strongly above preferably on the daily chart, bullish sentiment will be high. I do feel price will break and briefly retrace off the level of resistance only to build up stronger support resulting in a push up and most probably through. This price action will be the healthiest and the most likely, as referenced from multiple market structures in a similar situation.
MA: My preferred averages consist of a 18 and 100 EMA, my averages position is currently crossing from bearish to bullish as my averages have converged (18 crossing 100). this convergence is normally a bullish signal when compiled with other bullish confluences.
Although my predictions for the medium term is bullish, there is absolutely a possibility that price can retrace back down to the key level of support resulting in a further strengthening of the current formation and overall heath of the market and future structure, however, I feel the break to the bulls is inevitable based on the overall bullish sentiment across the whole board of crypto assets.
I do not offer financial advice and this position should not be used as your only means of placing a trade, however, rather as an extension of your preexisitng ideas to place a trade.
Thank you for putting time in to read my Sol prediction. Make sure to let me know what you think whether you agree or not, constructive criticism will be appreciated!
