Flag breakout after previous Spring setup - SOL
Solana was consolidating after an excellent move up.
The consolidation looks like flagging to me and happened on lowered volume which is what we want to see.
Price pulled back to the previous support where it bounced and formed a pin bar indicating my favorite Spring action setup. The Spring offered a 1 to 1 opportunity for scaling out.
Now there was a visible breakout of the flag formation. We want to see a test on lower volume and then the price action target I typically use is the 161% Fibonacci extension therefore fairly reasonably Solana can reach easily 150 in the next run before meeting some logical price action resistance zone.
The consolidation looks like flagging to me and happened on lowered volume which is what we want to see.
Price pulled back to the previous support where it bounced and formed a pin bar indicating my favorite Spring action setup. The Spring offered a 1 to 1 opportunity for scaling out.
Now there was a visible breakout of the flag formation. We want to see a test on lower volume and then the price action target I typically use is the 161% Fibonacci extension therefore fairly reasonably Solana can reach easily 150 in the next run before meeting some logical price action resistance zone.
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