While Solana’s intraday day recovery on August 5th, 2024, was nothing short of spectacular, the much more important data point is scheduled for Sunday, August 11th, 2024. As always, what truly matters in markets remains underexposed. Here is why August 11th matters to SOL investors.
As an individual token, it is clear that Solana remains very popular.
What matters most, however, is how SOL behaves on the time and price axes of its chart.
RELATED – Our latest Solana price prediction.
Let’s break it down so we can clearly see what truly matters to SOL investors.
Solana (SOL) price reversal on August 5th
If anything, Solana’s intraday price reversal when broad markets and crypto markets sold off heavily on August 5th, 2024, was spectacular.
However, one should always look at those ‘events’ in the context of the big picture.
We analyzed Solana’s big picture for our Medium followers today – Is Solana’s Recent Intraday Recovery a Positive Sign or a Red Flag?
In summary, while Solana’s price movements on August 5th were dramatic, they do not yet signify a robust bullish trend.
The chart structure indicates that more time is needed for the market to stabilize and form a solid base.
Investors should remain cautious and patient, keeping an eye on critical support levels and the broader timeline.
Solana’s potential is evident, but it needs time and space to mature into a sustained uptrend.
While the intraday bullish reversal was powerful and meaningful, it is too early to get too excited. The reason? The volatility window in crypto and broad markets is not complete.
Solana (SOLBTC) on August 11th
One on of the things to look for is the structure of SOL priced in BTC (SOLBTC).
Below is the weekly chart, exhibiting a
RELATED – Solana (SOL): Prepare To Buy The Summer 2024 Dip
As seen, the long term chart structure has the form of a bullish reversal.
However, equally important are the details. As indicated with yellow circles, we are on the lookout for rejection setups. This is characterized by weekly candles with the same height but different color, suggesting strong fights between bulls and bears.
This is why it matters – the subsequent weekly candles, coming out of a strong fight between bulls and bears, will determine who eventually wins in the medium term. Carefully checking the occurrences we indicated on below chart illustrates our point.
Solana in 2024 and beyond
It is certainly impressive to notice the fundamental and foundational progress that Solana is making.
Just scrolling through recent achievements on the Solana X feed is making the point about Solana’s progress.
While we remain very positive about Solana’s future, we prefer to stick to chart readings:
- SOL price readings.
- SOL time readings.
- SOLBTC relative strength readings.
We continue to track those three data points.
For our premium crypto followers, we have prepared a Solana ecosystem review with a list of 3 to 5 tokens in Solana’s ecosystem that have the highest probability of becoming multi-baggers. This list will be shared in the coming weeks as a premium crypto alert to complement the top two Solana tokens we already tipped recently in The Next Big Wave + Two Solana Token Tips.
