Solana chart looks very bullish. The price is currently dropping but I think it is a very healthy correction.
Weekly chart:
1) all momentum indicators just entered the bull zone.
2) The chart is forming higher highs.
Daily:
1) EMA55 finally crossed EMA200. The last time they crossed was October 2023 (see red vertical line in the chart) and it was the beginning of the macro bull trend.
2) Momentum indicators have reached overbought territory and crossed to the downside, however, given weekly momentum indicators have just entered the bull zone, this move is likely to be corrective action.
3) When EMA55 and EMA200 cross, the price often retraces initially to EMAs (21, 55 or 200). Once it completes the pull back, I anticipate the price to move to the previous ATH and beyond.
This is the time when high leverage trading volume increases.
Be careful not get wicked out. Focus on monthly/weekly/daily charts and ignore the noise in the lower timeframes.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.