Brief Analysis——SOL
We saw that SOL performed better than most other tokens last week, with an increase of nearly 32%. In 2022, affected by the FTX event, SOL, as a token held by FTX, experienced an obvious dump. Solana is an L1 blockchain, because of its high capability, many Cryptoers are still keen to use Solana even after dump. This is why its TVL is always in the top 10.
At the daily level, SOL has remained moving in a range (16,28) throughout 2023. Beginning in late September, price started to rise and the volatility amplified. And it has broken through the upper rail of the range in the past few days. Trading volume has always remained average, with no significant increase.
Judging from the ME indicator, the wavy area has changed from yellow to purple, but at the daily level, there is still the possibility of continuing to maintain fluctuation. In September, we can see from the MBF indicator that obvious bottom-buying sentiment accumulated at the starting point of the rise. On the WTA indicator, although the blue columns representing whales are not as long as them in mid-July, they still have appeared during the recent rise. There are no long red candles or long upward pin-bars after each rise in SOL (shown in the green area). So at the daily level, the rise is likely not over yet.
Switching to the 4h level, SOL always remains above the purple wavy area, which means that SOL is in a bullish trend. But on the WTA indicator, this latest long green candle is not supported by whales. If a long red candle or a long upward pin-bar appears later, then a callback may be entered at this level.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
At the daily level, SOL has remained moving in a range (16,28) throughout 2023. Beginning in late September, price started to rise and the volatility amplified. And it has broken through the upper rail of the range in the past few days. Trading volume has always remained average, with no significant increase.
Judging from the ME indicator, the wavy area has changed from yellow to purple, but at the daily level, there is still the possibility of continuing to maintain fluctuation. In September, we can see from the MBF indicator that obvious bottom-buying sentiment accumulated at the starting point of the rise. On the WTA indicator, although the blue columns representing whales are not as long as them in mid-July, they still have appeared during the recent rise. There are no long red candles or long upward pin-bars after each rise in SOL (shown in the green area). So at the daily level, the rise is likely not over yet.
Switching to the 4h level, SOL always remains above the purple wavy area, which means that SOL is in a bullish trend. But on the WTA indicator, this latest long green candle is not supported by whales. If a long red candle or a long upward pin-bar appears later, then a callback may be entered at this level.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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