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(This is NFA, please DYOR)
Previously, I spoke about $SOL finding support at the orange circle, and then bouncing higher before retesting the 50%, and finally reaching the $135 target. Whilst it did find good support at the cloud, marked by the orange circle, it was not enough to get it over the major 50%. I had also drawn this box within the cloud, shown below, indicating a potential area for $SOL to consolidate, should it fail to break back above the 50% in the short-term, which has proven accurate.
At the moment, $SOL is looking like it wants to get on the topside of the cloud, and consolidate further, hopefully reclaiming the macro 50% level in the process. That said, it does seem to be running into some resistance at the top of cloud, which is expected, and if it fails to manage this resistance, further consolidation in/on the cloud is likely. We will see if $SOL / $BTC has the strength to power through both the cloud and 50%, which is necessary if we are going to see $SOL at $135.
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Moving onto the $USD chart, you can see the consecutive lower highs (1-6) as the market trended downwards. This has now been broken with the recent pump, which is encouraging for the bulls. This market is in a similar position to its $BTC counterpart, given that they are both consolidating within the cloud and looking for a way out, however the $SOL / $USD market is still far away from its macro 50%.
Going forwards, I’d like to see a break above the cloud, and further higher highs / higher lows, should $SOL wish to attempt the $135 level, before breaking down significantly.
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I am still holding the view that I expressed in the previous thread. An intermediate top at $135 (should we even get there), and then a major correction of up to 70% over 3-4 months before reaching new cycle highs through the rest of the year and into 2025.
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As always, stay safe and bullish,
ChefGunny.
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