$SOL is now just one dollar away from its 60-day low. I’m not going to try to call the bottom here.
Based on CoinGecko daily data, SOL is currently around 90.3, with a 60-day low of 89.2, which it only hit a few days ago. Looking up, the 7-day moving average is around 92.8 and the 30-day moving average is 101.6. The price hasn’t reclaimed either line, and it’s still more than 10% below the 30-day average. The 7-day range is 89.2 to 95.5—in other words, it’s been grinding sideways near the monthly low.
$BTC has a similar setup: around 76,200, with a 30-day low of 76,000, a 7-day moving average around 77,500, and a 30-day moving average around 80,500. Bitcoin is hugging its low, and SOL doesn’t have much reason to move independently.
I usually look at a setup like this in two possible ways. Holding around 89 and then reclaiming the 7-day average at 92.8 would be the first sign of a short-term bottom. The next level to clear would be this week’s high of 95.5. If it breaks below 89 on heavy volume, the 60-day floor is gone. There’s no recent high-volume trading zone below to use as a reference, so I’d rather wait and watch than catch a falling knife.
The mistakes I’ve made over the years have taught me that trying to buy right at a previous low is the easiest way to get stopped out by a wick. Nonfarm payrolls are also due tonight, so volatility is likely to be even higher.
Would you place a limit order around 89, or wait until it reclaims the 7-day average first?
This is only my personal opinion and does not constitute investment advice. Markets carry risk.
Based on CoinGecko daily data, SOL is currently around 90.3, with a 60-day low of 89.2, which it only hit a few days ago. Looking up, the 7-day moving average is around 92.8 and the 30-day moving average is 101.6. The price hasn’t reclaimed either line, and it’s still more than 10% below the 30-day average. The 7-day range is 89.2 to 95.5—in other words, it’s been grinding sideways near the monthly low.
$BTC has a similar setup: around 76,200, with a 30-day low of 76,000, a 7-day moving average around 77,500, and a 30-day moving average around 80,500. Bitcoin is hugging its low, and SOL doesn’t have much reason to move independently.
I usually look at a setup like this in two possible ways. Holding around 89 and then reclaiming the 7-day average at 92.8 would be the first sign of a short-term bottom. The next level to clear would be this week’s high of 95.5. If it breaks below 89 on heavy volume, the 60-day floor is gone. There’s no recent high-volume trading zone below to use as a reference, so I’d rather wait and watch than catch a falling knife.
The mistakes I’ve made over the years have taught me that trying to buy right at a previous low is the easiest way to get stopped out by a wick. Nonfarm payrolls are also due tonight, so volatility is likely to be even higher.
Would you place a limit order around 89, or wait until it reclaims the 7-day average first?
This is only my personal opinion and does not constitute investment advice. Markets carry risk.