Hello There,
welcome to my new analysis about SOLUSD on the weekly timeframe perspective. In recent times I have detected important underlying factors that will determine the upcoming price action of SOLUSD. Right now, there are a lot of signs that are speaking towards a huge transformative price action. SOLUSD is still in a corrective mode, however, this could change when all the whales have finally sold.
As when looking at my chart now, we can watch there how SOLUSD trades within this gigantic ascending triangle formation. The lower boundary of this formation serves as a strong support in which SOLUSD already bounced several times. This ascending triangle formation lower boundary support line has already been the origin of the initial inverse head-and-shoulders formation . This formation was the base of the massive bullish expansion shooting SOLUSD above the 200 USD level.
Currently, SOLUSD is already continuing with a highly similar descending wedge formation, which is a pivotal bullish formation. In the first descending wedge formation, SOLUSD already formed the inverse head-and-shoulders formation, which additionally confirmed the bullish breakout above the upper boundary and further expansion towards the upside. Such an inverse head-and-shoulders formation could form now again, as the left shoulder is already almost completed.
Once SOLUSD continues with the head of this second inverse head-shoulder formation, it will confirm with a decisive bounce within the ascending triangle's lower boundary. Currently the double bottom in the MACD and bullish MACD crossover is already confirming that such a scenario is likely. Once SOLUSD confirms the double breakout as shown in my chart, it will pave the way for further strong bullish expansions moving above the 200 USD level again.
The situation will be highly determining and decisive. Therefore, I am going to monitor it for any significant changes and possible whale interactions.
