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Today’s report will include:

SOLANA Technical Analysis
Market Psychology
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SOLANA SHORT TRADE

The recent price action on SOLANA has been impulsive, price action has had a strong bearish expansion and is now currently consolidating between key support and resistance levels.

Technical Points to Consider,

Daily S/R Support
Dynamic S/R Support
Daily S/R Resistance
.618 Fibonacci Resistance
POC Resistance

SOLANA wicked into the Daily S/R and Dynamic S/R support with a strong oversold bounce. This has signified a potential climatic move as price now is finding its equilibrium with critical resistance looming above.

The .618 Fibonacci and the Daily S/R Resistance confluence is a strong duo for price action to break above. The current volume is noticeably low, a test of this region has a probability of price action resulting in a wick.

Overall, from a technical perspective, the continued grind into resistance with low volume allows for a bearish bias. Price action is to be used upon discretion/ management when executing the short.

Hope this analysis helps.

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