Solana is trading above EMA89 while at the same time trading below EMA55, we have a mixed situation. When in doubt, stay out. Anything is possible on this chart.
There was a major correction already that lasted 84 days. Solana lost more than 65% in this correction. A -67% drop. This correction removed all gains from 2024 sending prices back below $100. This is to say that Solana already went through a full and major flush.
The market could very easily continue lower and produce a lower low compared to 7-April, a major crash leading to August and I can easily see this scenario developing. Will it develop? Is it really necessary?
I can also see a slow but sure change of course. A few days red at the start of the week, as it is usual and then Boom!, the market turns green. And it grows day after day after day. It is already happening, patience is key. Better focus on the numbers.
» If Solana trades weekly above $142, we are bullish, strongly bullish and can expect additional growth.
» If Solana moves and closes weekly below $142, market conditions still remain bullish but we can approach this pair with caution.
» On a broader perspective, any trading above $95, the 7-April low, is bullish long-term. As long as this level holds, we can expect higher prices. The last low sits at $126...
It doesn't matter how you slice it, the price is good and is more likely than not to continue to increase. Patience is key.
Namaste.