Coin name: SOL
Long
Price:
1) 96
2)104
(Enter on entry price)
On the weekly timeframe, Solana (SOL) is currently attempting to form a W-pattern, or double bottom, which typically signals a potential bullish reversal. However, with the ongoing conflict between Iran and Israel 🇮🇱, geopolitical uncertainty continues to weigh heavily on the markets. Should tensions escalate, we could see further downside across crypto assets.
From a broader perspective, I remain bearish on altcoins in the longer timeframe, as reflected in my shared chart analysis.
Additionally, Bitcoin dominance (BTC.D) is trending upward, which usually indicates a shift of capital from altcoins to Bitcoin. This trend often results in continued weakness across altcoin markets.
It’s important to highlight that the Total2 Money Flow Index (MFI) is also showing signs of a potential double bottom. If this structure confirms, it may support a bullish narrative in the future.
📌 Reminder: Always manage your risk carefully. Avoid using high leverage, especially in uncertain macro conditions.
5x leverage isolated
Sl: 81
Target:
1) 115
2)130
3)150
4)160
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