SOLANA UPDATE: $80 or $200 Next?

Trader Neil
14 Sept 202406:42

Summary

TLDRIn this crypto update, Trader Neil discusses Solana's recent price action and future prospects. After a Bitcoin-induced dip, Solana found support between $120-127. Trader Neil is cautiously bullish, with a close eye on the 200 moving average and resistance levels. He highlights key levels: a break above $142 could signal a rise to $160-184, while a drop below $120 might lead to lower targets around $100-86. He also shares his personal buying strategy and shorter-term 4-hour chart analysis, emphasizing the importance of the $136 level for maintaining bullish sentiment.

Takeaways

  • 📈 The video discusses the recent price action of Solana (SOL) and provides an update on its potential future movements.
  • 📉 After a Bitcoin dump, Solana's price fell back to a support range between $120 and $127.
  • 🔍 The speaker was bearish on Solana when it broke below the 200-day exponential moving average and the 50-day moving average on the daily chart.
  • 🚫 The speaker warns of a bearish short-term outlook if Solana's price breaks below the support level at $120.
  • 📌 Solana is currently testing the 200-day moving average and a point of control at $142, which are crucial levels for the bullish case.
  • 🔝 If Solana can break above resistance levels, the speaker would be more bullish, with potential targets at $160 and $184.
  • 📉 The speaker has a personal buy at around $123 and would look to buy more if Solana's price drops to lower levels.
  • 📍 On the 4-hour chart, Solana is showing some bullish signs, with a focus on the $136 region and the 200 moving average as resistance.
  • 🚨 The speaker's invalidation point for the bullish scenario is a break below the $136 region and the higher low at $132 on the 4-hour chart.
  • 🔔 The speaker encourages viewers to subscribe and hit the bell icon for updates, and he plans to provide more videos in the near future.

Q & A

  • What is the main topic of Trader Neil's video?

    -The main topic of Trader Neil's video is an analysis and update on the price action of Solana, a cryptocurrency.

  • What is the current sentiment of Trader Neil towards Solana after the Bitcoin dump?

    -Trader Neil was initially bearish on Solana after the Bitcoin dump, especially when it broke under the 200 exponential and 200 moving average on the daily chart.

  • What support level did Trader Neil consider crucial for Solana's short-term outlook?

    -Trader Neil considered the support level between $120 and $127 crucial for Solana's short-term outlook, as a break below this level could lead to a drop into the lower 100s or even 80s and 90s.

  • What are the key resistance levels Trader Neil is watching for Solana on the daily chart?

    -Trader Neil is watching for Solana to retest the 200 moving average on the daily chart, as well as the point of control at $142, and the supply line from the highs at the end of July and August.

  • What would make Trader Neil more bullish on Solana?

    -Trader Neil would become more bullish on Solana if it can break back above the resistance levels, including the 200 moving average, the point of control at $142, and the supply line from the highs of July and August.

  • What are the higher price targets Trader Neil is considering if Solana breaks above resistance?

    -If Solana breaks above the resistance levels, Trader Neil is looking for a move back up to at least $160, potentially even to the value area high at $184.

  • What does Trader Neil suggest could happen if Solana breaks the support at $120?

    -If Solana breaks the support at $120, Trader Neil suggests that the lower targets between $100 and $86 are very likely to get filled, and this is where he would consider buying more Solana.

  • What is Trader Neil's personal action regarding Solana at the time of the video?

    -Trader Neil has personally bought a little bit of Solana spot at around $123 and has called for this in his Discord servers.

  • What are the bullish signs Trader Neil sees on Solana's 4-hour chart?

    -On Solana's 4-hour chart, Trader Neil sees bullish signs such as the potential flipping of the $136 region and the possibility of breaking above the 200 moving average and the supply line from previous highs.

  • What is the invalidation point for Trader Neil's bullish outlook on Solana's short-term price action?

    -The invalidation point for Trader Neil's bullish outlook on Solana's short-term price action is if Solana breaks below the $136 region and the higher low at $132 on the 4-hour chart.

Outlines

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Transcripts

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