In our previous analysis Solana Technical Analysis - fibonacci and wyckoff, we highlighted the Wyckoff Method as a valuable tool to anticipate changes in the prices of financial assets. We identified an accumulation process in Solana that began in May 2022. Additionally, we noted a notable move on June 5 that took Solana from $13 to $33, indicating a shortage in supply.

In the last few hours, $SOL approached the suggested buying price of 20.3, experiencing a bounce at the 20.9 level before reaching 22.34. This last level coincides with the 0.38 Fibonacci level, which provides a new perspective for our strategies.

Suggested Long Approach 20.3usd

Given the current situation, it is important to consider the following strategies:

  • Fibonacci Level 0.38: According to our strategy, this level is crucial. It is suggested to open a short position in search of the support at 20.3. However, it is essential to note that we are at an advanced stage of Wyckoff accumulation, which means that opening a short position can be considered trading against the prevailing trend. However, as a recommendation for traders who are doing intraday and wish to take the risk of opening a short at this level, my personal recommendation is to assign a Stop loss at 23.34. Remember that the point at which we are waiting for the bullish rebound is at 20.3, therefore reason if they take a short the take profit must be that level.

    Short Scalping/Intradia

    If using Leverage, it is not recommended to exceed the 15X level, keep in mind that if that level of leverage is assigned, the stop loss will be the liquidation point of the position.

  • Live YT: For a more interactive discussion and to address any concerns you may have, I will be hosting a live on my channel @victor camargo crypto. I hope to have your participation!

The cryptocurrency market is dynamic and requires constant adaptation. With the new information available, we have adjusted our strategies to #Solana. Always remember that investing carries risks and it is important to do your own research.

Note: This article provides an updated perspective and does not constitute financial advice. Always consult a financial professional before making investment decisions.