Solana (SOL) is also in a clear downtrend on the larger, but also on the smaller timeframes. Here again clearly represented by the yellow line.
Likewise, the 4H-EMA Ribbons are additional resistance. We are currently trading at around USD 29.20 and are therefore in a small consolidation phase. At $25 we saw strong buying interest.
This is initially bearish for the further course, since we know that the stop losses are located here. It is therefore very likely that we could start this area again.
On the daily chart, we have reached an important level at Solana. We last saw this in July 2021 and at that time already represented strong support or resistance to the top.
At the moment we are exactly in this zone, which goes up to around USD 20. Consolidation in this area would be desirable as we have now stripped out any inefficiencies.
So we could still consolidate up to around USD 20 or see a correction before we form the bottom. Despite this, we should continue to keep an eye on Bitcoin if one wants to open positions.
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