TradeCityPro | Solana Ready to Rise or Follow BTC.D ?
2024-11-21

👋 Welcome to the  TradeCityPro  channel! 
Today, we’re diving into an analysis of the popular coin, Solana, reviewing past entry points, and scouting for new opportunities in the potential crypto bull run.

🟠 Bitcoin has hit a new high and maintained its dominance at 61.70%, effectively leading the market, Even if you missed opening long positions on BTC, there's good news—its dominance is on the rise, and the altcoin season might kick off soon!


🚀  Weekly Timeframe: Solana’s Stellar Performance 

Solana has been one of the market’s strongest performers, moving in sync with Bitcoin and outperforming many altcoins. Its market cap has even reached a new all-time high (ATH)!

My personal entry point was at $27.67, followed by entries after breaking $47.88 and $124.59 on lower timeframes. 

If you’re in profit like me, consider: 1 - Withdrawing initial capital. 2 - Moving your holdings to DeFi platforms for added utility.

New entries at this stage carry higher risk, as fewer confirmations are available. Wait for a break above $250.36 or even explore lower timeframes for better setups.

We drew Fibonacci levels from $208.61, showing a correction around $124. Using Fibo extensions, potential targets are: $284 -  $367 - $474 - $682

breakout above RSI 80.85, combined with increasing volume, could trigger these moves.


🌌  Daily Timeframe: Parabolic Growth 

Solana is forming a parabolic uptrend, with higher highs and higher lows.

If the daily candle closes with strong volume, it could engulf previous candles, making it a great entry near $187 with a stop loss.

After support at $162 was broken, two red candles were engulfed, confirming a fake breakout , Use this strategy on lower timeframes to enter positions aligned with the bullish trend.


🕒  4-Hour Timeframe Insights 

After breaking its daily range high at $185.34, Solana continued its rally, now at $244.57.

stop-buy order was placed after breaking $221.75, supported by buyer momentum, and the position remains open , break above $246.29 will confirm our long position and momentum continuation.


Avoid opening shorts under current conditions, Even in a 20% drop, I’ll focus on confirmations in lower timeframes to re-enter long positions.

💎  Solana/BTC Pair Insights 

Unlike most altcoins, which are at record lows against Bitcoin, Solana is holding steady.
breakout above 0.0027030 BTC could spark a new rally, making it a prime candidate for entries.


📝  Final Thoughts 

This analysis reflects our opinions and is not financial advice.

Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️