Is Solana the Next Ethereum? An In-Depth Analysis of SOL’s Potential
⭐Introduction: Solana (SOL) has been in a parabolic movement but is currently losing momentum. If it closes its daily candle below $157.78, there is a possibility that it might break its current channel
♠Daily Time Frame:
In the daily time frame of Solana, we witnessed a parabolic move followed by entering an ascending channel. However, within this ascending channel, we observe a gradual weakening of the trend. Several signs of this weakening trend can be noted:
- Upon each touch of the support floor, there is a diminished reaction compared to previous instances.
- The percentage of corrections is continually increasing.
- The amplitude of upward oscillations has decreased relative to downward movements.
- The number of bullish candles has remained relatively consistent, but the number of correction (bearish) candles has increased significantly.
- Finally, the crucial parameter of volume is declining.
As a result, the likelihood of a significant downturn is substantially higher. Therefore, it is advisable to focus more on short position triggers.
🩸The Enigmatic Four-Hour Candle of Yesterday: Did China’s Unexpected Action Trigger the Shift?
Yesterday, news surfaced that China’s banks, unlike previous years, refrained from purchasing gold this year. This development triggered a decline in gold prices, subsequently bolstering the dollar index. An increase in the dollar index typically weakens the short-term upward trend in cryptocurrencies, especially during periods of low momentum and low trading volume.
🎯Key Support and Resistance Levels:
Critical Support at $100: If Bitcoin continues to drop and the market remains bearish for the next three months, SOL might reach this level.
For buying, we can consider taking action after a breakout and stabilization above $205.
🔻 Key Support Levels:
157.78 , 139.69, 100
🔺 Key Resistance Levels:
174.87 , 188.18, 205
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