$SOL TA tells me more upside from here

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Things to understand and consider...

Solana is overbought on the daily and weekly but Solana does what Solana wants to do.

There is a chance we could dump to $174, however, I believe that to be unlikely given the fundamentals.

ALT coin season is EXPECTED to be any day now. Per Glassnode metrics, FOMO traders are starting to pile in.

Total crypto leverage was recently hammered down, not by a lot but still enough, with the recent #blackswan event (Evergrande).

I am a swing and intraday trader.

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4-HR MACD showed a bullish cross.
4-HR RSI displays a nice punch through the 50 line and is more than likely going to stay above it (for now).
4-HR 20 and 50 EMA now acting as immediate support.

Easy to go long here for a swing trade up to the golden pocket ($244.5-$246.5). Set a stop below the EMA support lines.

Kommentera:

imgur.com/aKSVbk2

Kommentera:

I closed my position a little early - I wanted to secure the gains and wait to see if we actually do make it to the golden pocket.

Kommentera:

I expect a retracement to the .382 FIB and maybe .236 levels if we continue to break down from here.