SOLANA (SOL) - In The Same Vein
Quick Update on Solana
Things are moving slower than expected. For now, the price remains range-bound and is staying above the $125 level, which at least offers some reassurance.
Let’s reestablish some basic key levels to watch for as we await increased market volatility.
Weekly View:
The price is currently at the volume profile or mode. This suggests further consolidation, as it repeatedly returns to this level.
There's a slim chance of triggering a bullish signal in the coming week without a bullish engulfing candle closing the week. A strong catalyst would be required for this to occur. Therefore, remain patient and wait for confirmation on this timeframe.
Daily View:
The daily chart provides a bit more clarity for trading, but I still prefer to stay on the sidelines. The price is currently trapped within a range, with $130 acting as the low and $160 as the high. The only actionable setups are to bid in the low $130s or to short if conditions warrant it.
Similar to the weekly timeframe, the setups aren’t very appealing.
4-Hour View (or lower for more aggressive traders):
A clear opportunity to go long would be if the price deviates below the equal lows at $136 for a quick scalp to $147. Additionally, if it reclaims the $147 level, going long towards $160 could be worthwhile.
This approach makes sense given the current market conditions.
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As noted in the Meme Coin Roundup, there aren’t many actionable setups at the moment, so there’s no need to force trades. For now, it’s best to wait and see, as there’s nothing compelling enough to warrant immediate action.
