$SOL: This isn’t a great spot to enter—better to wait
The latest quote is slightly below the most recent full close, but remains above both the fast and slow moving averages. Trading volume is also slightly below its recent average. Price action looks relatively strong, but volume hasn’t confirmed that strength, making this look more like a range-bound consolidation with an upward bias. There’s still not enough evidence to support further upside.
There’s also clear evidence that could invalidate this view: if a subsequent full close falls below the moving averages, the case for a bullish bias will weaken. If price breaks above the top of the range with volume increasing at the same time, then there will be reason to believe the consolidation is ending.
The 15-minute range is 103.5–105.24. Which piece of evidence would change your view more: the closing price or sustained volume?
#MarketWatch
Disclosure: This article participates in Plaza content mining and may earn trading commissions and engagement rewards.
The latest quote is slightly below the most recent full close, but remains above both the fast and slow moving averages. Trading volume is also slightly below its recent average. Price action looks relatively strong, but volume hasn’t confirmed that strength, making this look more like a range-bound consolidation with an upward bias. There’s still not enough evidence to support further upside.
There’s also clear evidence that could invalidate this view: if a subsequent full close falls below the moving averages, the case for a bullish bias will weaken. If price breaks above the top of the range with volume increasing at the same time, then there will be reason to believe the consolidation is ending.
The 15-minute range is 103.5–105.24. Which piece of evidence would change your view more: the closing price or sustained volume?
#MarketWatch
Disclosure: This article participates in Plaza content mining and may earn trading commissions and engagement rewards.