SOL 120.5, basically went nowhere this week.
It’s stuck in a very narrow range. 123.5 above is the high from the 2nd, and 116.4 below is the low from the 29th. For more than a week, it’s been bouncing around within these seven dollars.
The highs are 122.6, 123.5, 122.2, 121.5—each one a little lower than the last. The lows are 116.4, 117.1, 116.7, 118.9—each one a little higher than the last.
The range is narrowing from both ends.
When this kind of consolidation reaches its end, price breaks out in one direction.
Same story as BTC and ETH: neither wants to move first, and they’re all waiting for direction.
But there’s one number worth mentioning. SOL is up 14% this month, while BTC is up just 7%. It’s still outperforming.
If BTC really surges to 87k, a high-beta coin like SOL could move even more sharply.
At this point, I’m not guessing which way it’ll go.
Go long on a break above 123.5, go short on a break below 116.4, and trade the range in between. #SOL $SOL
It’s stuck in a very narrow range. 123.5 above is the high from the 2nd, and 116.4 below is the low from the 29th. For more than a week, it’s been bouncing around within these seven dollars.
The highs are 122.6, 123.5, 122.2, 121.5—each one a little lower than the last. The lows are 116.4, 117.1, 116.7, 118.9—each one a little higher than the last.
The range is narrowing from both ends.
When this kind of consolidation reaches its end, price breaks out in one direction.
Same story as BTC and ETH: neither wants to move first, and they’re all waiting for direction.
But there’s one number worth mentioning. SOL is up 14% this month, while BTC is up just 7%. It’s still outperforming.
If BTC really surges to 87k, a high-beta coin like SOL could move even more sharply.
At this point, I’m not guessing which way it’ll go.
Go long on a break above 123.5, go short on a break below 116.4, and trade the range in between. #SOL $SOL
