Solana (SOL) - Edition #1

Everyone's favorite altcoin, at least in this cycle!

SOL has become the current market leader and will remain so for the rest of this cycle, if you can even call it a cycle. Many others have massively failed to even maintain a 2x. But that's for another post.

Let's study $SOL's behavior so far and see how much gas it has left in the tank.

Macro View

The month is looking promising! It's currently trading above previous month high and 2023 yearly open (has been a key level) . What does this mean? Two possible outcomes:
- The trend will stall for another three months before reaching new ATH (all-time highs).
- The trend will issue a new bullish signal at the close of this month if it reaches $200.21.

Monthly Trend Confirmed if Above $200 before August

The latter scenario has a higher probability, so let's explore it a little further

If the trend confirms within this month - let's say it doesn't but August does print the bullish signal - the price targets will be at $438 and $1,531 if things pick up nicely.
The second target remains within reach as the consolidation period features multiple equal highs. This calls for a strong move to the upside once things line up, as they are doing now.

This bullish outcome could happen within ~7 months, taking us to the end of Jan 25', normally a good month to take something out of the market, but I'll even go ahead and look into December as the month to take profits.

Price similarity somewhere?

Summer 2021 seems the most obvious for several reasons:

Same period (Summer months) of consolidation.
Weekly RSI retesting mid levels.
Almost the same number of weeks of oscillation (14 and 17) respectively.
Both trends remain intact with higher lows.

Weekly RSI and Price Similarity

This is just something to keep in mind and often aligns with fundamentals (next in line for an ETF?). Can't take anything away from solana in this cycle as it has been our savior and most likely will continue to be. Forget $ETH, it lacks momentum and the hype, something that Solana has!

Actions to take:

Place bids near $170 and have some bids at the current monthly open ($148 - $152)
Add to spot orders at $200 if it happens before the July monthly close.
Trade is meant to be long term, so be patient as I still think it presents the best and safest setup.

Below $140 the idea is invalidated 🙁.

Disclaimer: This content was originally published on Zelf Trade.