Coin: Solana ($SOL)
Signal Type: SHORT
On the 2-hour timeframe, we can observe the formation of a bullish flag for SOL. Initially, the candles were rising, indicating a potential pump. However, they encountered a strong volume resistance, causing the candles to fall slightly. The Bollinger Bands calculation remained neutral.
Interestingly, when analyzing a shorter timeframe (30 minutes), the Bollinger Bands calculation supported the downward momentum, suggesting the formation of a bullish flag. This analysis is further reinforced by the BTC.D and the overall market conditions.
BTC.D formed an ascending triangle on the chart, which is typically a bullish chart pattern. The price consolidated within a slightly tilted channel, forming higher lows and higher highs. This pattern suggests a potential continuation upward, as the price respects support levels (such as the visible EMA bands and Fibonacci retrace analysis).
The Fibonacci retrace levels (0.382, 0.5, 0.618) indicate a healthy retracement from a recent high, and the price attempted to push higher, reinforcing the bullish potential.
Finally, the Total3 market exhibited a bearish movement, which aligns with our decision to take a SHORT trade. Both the EMA and Bollinger Bands now support the downward price movement.
Entry Price: 186.44
Target Point: 170.34
Stop Loss: 185.65
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