SOL possible resurrection?
2023-03-29


SOL is one of the most affected cryptos by the FTX crash.

Without knowing much about its fundamental, I would like to give my view based on TA.

In my opinion, along with other large cap cryptos, SOL may have found its bottom (at $8). What will be the worse scenario for SOL than the FTX's fall? May be the crash of all markets? Except this extreme scenario or a similar one, I expect a recovery of crypto market in general and of SOL in particuliar.

Now let talk about SOL. My idea is quite simple: On weekly time-frame, CMF values seem to cross 0 from negative values. It would indicate that the bottom is in and the trend is about to reverse for SOL. Prices are now above the lowest ascending trendline (black continous line), but it would approach this support in the future, at a higher prices. By this, I suppose that the lowest trendline depicted in chart would be the last support, if the considered structure holds. 

Certainly I need to search/update on this project, but for a possible investment strategy, I put in chart a referenced "Accumulation area" and a very optimistic target.

What do you think about this analysis and the price projection? Do you believe in a possible ressurection of SOL (and why)?

Thanks for your comments and for any piece of information about the project.

All the best with your trades!













