✳️ Solana | Consolidating (Name Your Altcoin #11 ✅)

7 feb 2023

Solana is undergoing a consolidation phase which is likely to be followed by a break to the upside, let me explain...

The low was hit late December, followed by a strong bullish breakout. After this breakout, we can see prices slowly creeping lower yet remain pretty strong, only a small portion of the previous move has been corrected which is a signal of strength.

The consolidation phase can last days or weeks, this can vary wildly but the bias is bullish based on the previous breakout.

The relevant support levels are EMA50 at 0.0009711, immediate support.

0.382 Fib. (0.0009209), 0.5 (0.0008365) and finally 0.618 Fib. (0.0007521).

Any of these levels can be hit but the most important part is the bullish bias, after some waiting, the upward move can be resumed.

Namaste.