The cryptocurrency market, especially Solana (SOL), is showing strong momentum as the market approaches the end of the month or the first half of the year. The SOL coin remains in the bullish zone, indicating that the price may see a large influx of buying and resume the strong uptrend. Although the SOL price is about to end the weekly trading on a positive note, the coin is expected to remain in consolidation for the next few days.
Analysis of current market situation
Since SOL broke and consolidated the $144 support level, the price has been fluctuating in a very tight range with bulls accumulating gains. Now, the SOL price has been fluctuating at highs since the start of the day’s trading. Since the price has confirmed the bottom, it is reasonable to believe that the coin will end the monthly trading on a bullish note. SOL is consolidating and forming a previous pattern, which had led to a massive surge of nearly 1,000% to a new all-time high of $260.
Recently, the weekend market has not fluctuated much. For market analysis and operational layout of Bitcoin and Ethereum, please refer to the articles from the past few days.
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SOL market analysis and operation reference
4-hour chart analysis
In the 4-hour chart, SOL's K-line is attacking EMA200 and the first trend line, and the pressure is at this position. In MACD, the volume below the 0 axis continues to close to the 0 value position, and DIF and DEA are forming a high golden cross, but there is no need to worry, because even if a high golden cross is formed, the long space will not be too large.
Daily level analysis
At the daily level, the K-line is trying to break through the double pressure of EMA120 and EMA30, and the top pressure is at the double pressure of EMA60 and EMA80, especially the position of EMA60 is relatively low. It can also be clearly seen from the Fibonacci retracement straight line chart that the upper pressure is at the overlap of EMA80 and EMA60, so when the K-line reaches this position, you can boldly short.
Recommendations
Based on the above analysis, the rebound space is expected to be limited, and it is recommended that you continue to ambush long-term short orders. Since the last round of the SOL daily chart has broken through EMA200, there is more room for downward pressure after this round.
Specific operational suggestions
Short entry point: short 3% above $145.5, reserve 6% for cover above $150.5
Stop loss: $152.5
Target: When the price falls back to $132, reduce the position by half and take profit. When the price falls back above $132, continue to cover the position. And so on.
There is a delay in the release of the article, the market is changing rapidly, and the suggestions are for reference only. Please be sure to set a stop-profit and stop-loss when entering the market, and quit when you see a good profit. Pay attention to view the introduction, bull market strategy layout, share various passwords, and take you to learn more about 100x coins!
