Is it time to start stacking Solana? 🤔 what's the chart saying?

in #gems9 months ago

img_0.04896944951203325.jpg

Image source

Hi guys. Been a while. About 21 days ago, I talked extensively about Solana( the supposed Ethereum killer) and gave some details on the facts in the charts. Turns out everything is playing out faster than I expected. You can check the post here to get some details

Solana on a critical level

Without further ado. Let's get into it and check the charts. In the last 72hrs $BTC has been shitting on everyone, just as I predicted, it is dragging the whole crypto market into the ditch. Which to an extent, it's wonderful news to those who don't have any crypto in their portfolio( no-coiners would always want an opportunity to get into the market 😆, but they still don't get in in the end) and those who are bears 🐻 🐻 (wonderful time to short the market without fear).

img_0.30202185597104086.jpg
In my previous post on Solana, I said I would start buying at $75 seeing the last weekly support level was around that area. With the drama on BTC today, I panicked and cancel the buy orders 😆 waiting for a lower price due to two reasons.

1. May 2021 resistance level

On the weekly chart, 17th of May 2021. Solana touched a strong resistance level at $58 before dropping back down. It took 3 months before this resistance level was broken, sending us the the moon 🌜

img_0.16948107196072054.jpg

In my opinion, I believe we're going to hold that level as support for a while and I'm gonna start buying there. DCAing down to any price below that.

2. Failed Weekly MACD cross

img_0.9167612323660589.jpg

I know a good % of people in this space understand what MACD means. I'll just point out the facts in the chart. The green arrow points to the fact that after the cross, it confirmed a crazy crash from our All time High. Now, if the red line is above the yellow line, it signals bearish. But if the yellow line is above the red, that's bullish.

The purple arrow points to a failed cross, showing that we'd continue to see lower prices in the coming weeks 🙁. These are just the facts that we're seeing on the charts. If you have another interpretation or what not, kindly drop 'em in the comment section 😊. If I could give my honest price prediction in the next few weeks, I'd say prices could see $45-$57 soon. Just my take, nothing attached.

Before I draw the curtain, there's a disclaimer I need to declaim 😐. I'm not a financial advisor nor do I have the intention to be one. All what I post here are for educational purposes and for fun. I cannot tell you how and when to spend your money. If you're looking for a financial advisor, you know where to get one thank you 😆. Do have a dump free week ahead. I'll catch you on the next one ✌ 😎

Coin Marketplace

STEEM 0.22
TRX 0.06
JST 0.029
BTC 23392.32
ETH 1667.05
USDT 1.00
SBD 2.74