$SOL: Weakness remains; don’t rush to call a bottom
The latest completed daily candle closed below both the fast and slow moving averages. The latest price has rebounded, but it has yet to climb above even the slower average. This modest recovery isn’t enough to overturn the weak outlook. Trading volume is close to its recent average, with no clear signs of a significant increase.
However, the price remains within its previous range, and the lower end of that range has held. Weakness doesn’t necessarily mean the decline is accelerating. If a subsequent completed daily candle can move back above the moving averages and hold there, the current weak outlook will need to be revised. The price rebound alone isn’t enough evidence yet.
Range of completed daily candles: 100.43–123.76. Whether the price can stay outside the range and whether trading volume holds up are the two things to watch for confirmation.
#MarketWatch
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The latest completed daily candle closed below both the fast and slow moving averages. The latest price has rebounded, but it has yet to climb above even the slower average. This modest recovery isn’t enough to overturn the weak outlook. Trading volume is close to its recent average, with no clear signs of a significant increase.
However, the price remains within its previous range, and the lower end of that range has held. Weakness doesn’t necessarily mean the decline is accelerating. If a subsequent completed daily candle can move back above the moving averages and hold there, the current weak outlook will need to be revised. The price rebound alone isn’t enough evidence yet.
Range of completed daily candles: 100.43–123.76. Whether the price can stay outside the range and whether trading volume holds up are the two things to watch for confirmation.
#MarketWatch
Disclosure: This article participates in Square’s content mining program and may earn trading rebates and engagement rewards.