Tong Ge 5.12 SOL Thoughts


SOL's recent move from 98.36 with a slight pullback is entirely in line with the market sentiment correction, making it the least fallen and most stable among the three major mainstream coins. After the correction ends, it will be the first to initiate an accelerated rally.
Market analysis
Daily chart: Price steadily moves along the upper band of the Bollinger Bands, with the Bollinger Bands opening upward continuously. The MACD red bars have shortened, but the bullish momentum remains. RSI stays at a healthy 55, indicating a perfect upward trend with no signs of topping.
4-hour chart: The normal pullback from the 98.36 high, with the middle Bollinger Band at 94.68 serving as strong support. The MACD shows only slight green bars, indicating a healthy adjustment during the upward process, far from trend reversal.
1-hour chart: After a quick correction, RSI has returned to the neutral 50 level, and KDJ is about to form a golden cross. Short-term selling pressure has basically been released, and a rebound could start at any time.
Trading strategy
Entry: 94.5-96.0
Stop loss: 93.0
First target: 98.0
Second target: 102
SOL-0.08%
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