SOLANA Rise in progress towards 45,60

SOL MARKET_MINDS BULLISH

Market & Ticker: Solana - SOL/USDT 

 

Date: 21/02/2023 
 
Horizon / Timing:  Mid-term / 1 to 3 months 
 

SOLANA confirmed a better technical picture since the coin is reintegrated the moving average acting now as support. Keep in mind that SOL reached alternative Strategic support at 8.00 before reversing up and could have completed a long bearish cycle. SOL is still highly dependent on the ETH price action, that is why a bullish acceleration above 1760 would open a direct upside potential on SOL. 

 

Scenario:  

 

At the current level, we expect a further bullish move towards 29 (+15%) on the short-term in parallel of 1760 ETH before 45,30 (+80%) - Then a further extension towards 69 Tactical target 2 (+170%) is more likely - as long as 14,80 remains a valid Tactical support in Daily close. 

 

Technical Key Elements: 

 
- The RSI indicator is bouncing back above 50%. 
- The Moving average crossed to the upside: Double “Golden” Cross and act as support around 20/24 
- The Fibonacci key support is adjusted at 14,80 as tactical support while the Elliot wave shows upside potential towards 45,60 in wave (C) 

 

Trade Idea conclusion: Buy - Conviction: 
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Medium

 

Target 2: 45,30 (+80%) 

Target 1: 29,00 (+15%) 

Buy: add in dip area: 24/25 

Stop: 14,80 (-40%) 

 

 

Chart: Daily Basis (Candle Stick) - Logarithmic  

Indicators: Exponential Moving Average (21/34/89) - RSI (21) 

 

 

 

 

 

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