Solana Weekly Chart Unveils Interesting Opportunities, Can SOL Repeat 500% Movement?
For the last couple of days, or maybe weeks and months, the crypto market has been a poorly understood construct. It goes up, down and in a circle within one big range. Investment strategies can be difficult to formulate on such a basis.
The weekly chart of Solana is showing an opportunity capable of possibly bringing good results even in such difficult times. SOL is now trading in the corridor it created in May 2021, when its decline was stopped at $24.5.
This price then formed the lower boundary of the price corridor, while the upper one was at $47. By closing the last week of August above that price, Solana managed to amuse the crypto world when its quotations rose almost 500% by November 2021.
See related article: Solana NFT
What to do with Solana now?
The algorithm of actions is very simple. Just two variants of events are awaited. If the price of Solana approaches the lower boundary of the range, i.e., $24.5, then one can consider opening a position from here. By the way, notice how well SOL was bought back when its price was below this level a year ago.
If SOL rushes from the current levels straight to the ceiling of the corridor, the level of $47, then we will look at how the weekly candle closes. If it closes above that level, buying can also be considered, aiming for at least $78.
A repeat of last year's Solana 500% performance is also possible, but it requires very positive sentiment across the global financial markets, which is unlikely as of now.