✴️ Solana | Can It Keep Going? Multiple Timeframes | 1st Weekly

Nov 8, 2023

I know your time is valuable and so we go straight to the point:
Can Solana continue higher?

Short answer: YES!

Let's look at multiple timeframes and see what the charts have to say.

My bullish bias has already been revealed, now, does the chart supports this bias?

Here is the weekly timeframe:

We have a descending channel on the left side.
We can easily have an ascending channel on the right side just to complete the "mirror image" phenomena we commonly discuss.

After the descending channel there is a small consolidation phase.
This too can be replicated on the right hand side.
The consolidation phase can happen before or after the major move.
For example, Solana can move straight up and then come back down to this range to consolidate before its major bull-market or, it can consolidate now for a few weeks/months and then proceed with long-term growth.

This part here can vary as we have thousands and thousands of Altcoins and once we enter the growth phase, the energy/money can cycle between different pairs. At one point one pair can move strong while another consolidates, when the next one consolidates the other one moves ahead.

The entire cycle is characterized by higher highs and higher lows.

This chart is further supported by rising volume, a strong RSI and continued bullish action.
This analysis is also supported by a very strong Bitcoin, a long-term bearish bias on the USDT.D and DXY indexes as well as Altcoins going green after years of red.

This is the first part, the weekly timeframe...
I will share a new trade idea with the daily analysis.

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Thanks a lot for your support.

Namaste.

Nov 10, 2023

Note

Solana update

Solana is looking great, weekly it is aiming at 73...
Let's zoom in for additional/more detailed resistance levels, let's look at the 3D chart:

➖ Gray is for support.
We can see that support mainly stands below 40.
There is a level that is strong around 50 but it has not been confirmed, being pierced right now.
On a drop, the relevant levels are 35-40 but, Solana is going up.

➖ Green is for resistance.
There are many important levels on the way up and we are likely to see Solana moving towards 150 in the coming weeks and months.

73 Seems to be a strong resistance to be challenged next, after 58 which should be hit short-term. After the high 80s, it goes straight up above 100 and higher...

Namaste.

Jan 25

Trade closed: target reached

➖ Green is for resistance.
There are many important levels on the way up and we are likely to see Solana moving towards 150 in the coming weeks and months.