RESISTANCE
Why is Solana having such a hard time moving and closing above $113?
Solana's highest weekly close related to its 2023 bullish wave happened the 18-Dec. week at $112.50.
The highest price hit was $125.35 the following week on wick, 25-Dec.
This same week closed at $101.70
Last week, 12-Feb., Solana wicked to $118.69 and closed at $112.24.
Notice the close is the same as the 28-Dec. session. Never a close above $113.
Using multiple points of reference to plot the primary Fibonacci resistance numbers for the entire 2023 bullish, we can see that three out of four variations yield numbers showing resistance at $113, $114 and $119. One final and major resistance level came out as $133.
So the price range between $113 and $133 represents very strong resistance and this is confirmed by the fact that SOLUSDT has not been able to move higher in almost two months.
With trading volume dropping for more than a year, this takes us to...
SUPPORT
Short-term we have $88 as a relevant resistance level but this price already hit twice in January.
If SOLUSDT remains within a lower high the next drop will push prices much lower.
A range that really stands out and should be consider the main support on a drop is set between $57-$63. This range is matched by multiple fib. levels and EMA50.
The next support range is one to which people reacted strong the first time that I mentioned it, so probably the right one. We are seeing $32-$35 as a very strong support. If/when the next correction develops, if there is no new highs compared to 28-Dec. 2023, we can expect this range to be the correction low.
CONCLUSION
➖ A higher high would take Solana to $155.
➖ A correction would take Solana first to ~$60 and finally $33. This is something people cannot even imagine, impossible to conceive and exactly for this reason most likely what we will soon see.
Up or down?
➖ If it goes up, then it goes down.
➖ If it goes down it continues down for a while and then reverses and goes up.
Namaste.
Why is Solana having such a hard time moving and closing above $113?
Solana's highest weekly close related to its 2023 bullish wave happened the 18-Dec. week at $112.50.
The highest price hit was $125.35 the following week on wick, 25-Dec.
This same week closed at $101.70
Last week, 12-Feb., Solana wicked to $118.69 and closed at $112.24.
Notice the close is the same as the 28-Dec. session. Never a close above $113.
Using multiple points of reference to plot the primary Fibonacci resistance numbers for the entire 2023 bullish, we can see that three out of four variations yield numbers showing resistance at $113, $114 and $119. One final and major resistance level came out as $133.
So the price range between $113 and $133 represents very strong resistance and this is confirmed by the fact that SOLUSDT has not been able to move higher in almost two months.
With trading volume dropping for more than a year, this takes us to...
SUPPORT
Short-term we have $88 as a relevant resistance level but this price already hit twice in January.
If SOLUSDT remains within a lower high the next drop will push prices much lower.
A range that really stands out and should be consider the main support on a drop is set between $57-$63. This range is matched by multiple fib. levels and EMA50.
The next support range is one to which people reacted strong the first time that I mentioned it, so probably the right one. We are seeing $32-$35 as a very strong support. If/when the next correction develops, if there is no new highs compared to 28-Dec. 2023, we can expect this range to be the correction low.
CONCLUSION
➖ A higher high would take Solana to $155.
➖ A correction would take Solana first to ~$60 and finally $33. This is something people cannot even imagine, impossible to conceive and exactly for this reason most likely what we will soon see.
Up or down?
➖ If it goes up, then it goes down.
➖ If it goes down it continues down for a while and then reverses and goes up.
Namaste.
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