Hello everybody, I wanted to share my thoughts on SOLANA, as I know it has a sizable community of supporters and saw some opportunities in the charts.
Longer Term is Looking Great
SOL was hit massively by the May dump correcting over 67% but has since recovered pretty nicely almost doubling in price from the May 23 low. It also just managed to make a bullish EMA cross on the daily timeframe signalling a long term uptrend, let's hope this trend continues and doesn't fake us out. If Bitcoin continues to climb higher and higher we're bound to break the ATH and make a new one, maybe even this year.
Short Term Bearish Signal
SOL is finding itself today in a rising wedge which is usually a bearish indicator, coupled with the RSI making lower highs, I think we're bound to breakdown instead of up in the immediate term to somewhere around where we formed the wedge. SOL was looking good for a while, forming a bear flag and breaking up to 38$, but we might need to cool off for a couple of days to see even more upside with higher momentum.
SOL/BTC looks like it will also trend downwords
On the SOLBTC pair, we can see that the 2 wore trading in a symmetrical triangle formation, which is usually a continuation pattern. I think we need 1 more bounce from the lower trendline for us to see an eventual breakout in the coming days/weeks.
Disclaimer
This is not investment advice, I'm just a dude who loves to look at charts, not some hedgefund :)
Take everything I say with a tablespoon of salt.