SOLANA UPDATE: $80 or $200 Next?

Summary

In 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

00:00

📈 Solana Price Analysis and Support Levels

Trader Neil discusses Solana's recent price action following a Bitcoin dump, which led Solana to test its support levels around $120 to $127. He highlights his previous bearish stance due to Solana breaking below the 200-day exponential moving average and the 50-day moving average on the daily chart. Neil emphasizes the importance of the $120 support level, suggesting that if it holds, it's a positive sign for bulls. He also mentions his interest in retesting the 200 moving average and a potential resistance level at $142. Neil outlines his bullish scenario if Solana can break above these levels, targeting a move back to $160 and possibly $184. However, he also warns of stacked resistances and the possibility of a move into the lower $100s if support fails.

05:00

📊 Short-Term Bullish Outlook on Solana's 4-Hour Chart

In the second paragraph, Trader Neil shifts his focus to Solana's 4-hour chart, expressing a bullish view. He notes that Solana is attempting to flip the $136 region after a recent Bitcoin push, which is a positive sign. However, he acknowledges resistance from the 4-hour 200 moving average at $140. Neil suggests that if Solana can break above these moving averages and the supply line from previous highs, there could be potential for an upward move. He sets his invalidation point at a break below $136, which would lead him to a more bearish short-term outlook. He also mentions his personal purchase of Solana at around $123 and his strategy for potential lower prices, indicating where he would increase his holdings.

Keywords

💡Solana

Solana is a high-performance blockchain platform designed for decentralized apps and cryptocurrencies. In the video, Solana is the primary subject of discussion, with the speaker analyzing its price action and potential future movements in the cryptocurrency market. The term is used to refer to the specific cryptocurrency SOL, which is built on the Solana blockchain.

💡Price action

Price action refers to the movement of a security's price over time, reflecting supply and demand dynamics. In the context of the video, the speaker is reviewing Solana's price action to provide an update on its market performance and to make predictions about where the price might go next.

💡Support and resistance

Support and resistance are technical analysis concepts used in trading. A support level is a price point where an asset's price tends to stop falling and start rising, while a resistance level is where the price tends to stop rising and start falling. In the video, the speaker discusses Solana's support and resistance levels to determine potential future price movements and trading strategies.

💡Moving averages

Moving averages are a widely used indicator in technical analysis that helps smooth out price data to show longer-term trends. The speaker in the video refers to the 200-day moving average and the 50-day moving average as key indicators for evaluating Solana's price trends and potential reversal points.

💡Double top

A double top is a chart pattern used in technical analysis that suggests a bearish reversal. It occurs when the price reaches a high, falls, and then rises again to the same high before falling again. In the video, the speaker mentions a double top pattern in Solana's price chart, indicating a potential bearish signal.

💡Bullish and bearish

Bullish refers to a market outlook where prices are expected to rise, while bearish indicates a market outlook where prices are expected to fall. The speaker uses these terms to express his views on Solana's potential price movements, switching between bullish and bearish sentiments based on the cryptocurrency's performance and market conditions.

💡Value area

The value area is a concept in technical analysis that refers to the price range where the majority of a security's trading activity occurs. The speaker discusses the value area in relation to Solana's price, using it to identify key support and resistance levels that could influence the cryptocurrency's future price action.

💡Supply line

A supply line is a trendline drawn above a series of peaks in a security's price chart, indicating a level of supply or selling pressure. In the video, the speaker refers to a supply line from Solana's previous highs to illustrate the level at which selling pressure might come into play and potentially reverse the price trend.

💡4H chart

A 4H chart, or 4-hour chart, is a type of price chart used in technical analysis that displays data in 4-hour intervals. The speaker analyzes Solana's 4H chart to provide insights into shorter-term price movements and potential trading opportunities.

💡Invalidation

Invalidation in trading refers to a condition or price movement that negates a current analysis or prediction. The speaker mentions an invalidation point for his analysis, which is a price level at which his current bullish or bearish outlook on Solana would no longer be valid, indicating a need to reassess the trade.

Highlights

Trader Neil discusses Solana's price action in a crypto market update.

After Bitcoin's drop, Solana's price fell to the support range of $120 to $127.

Trader Neil was bearish on Solana when it broke below the 200 exponential moving average on the daily chart.

A double top at $160 raised bearish suspicions for Solana's short-term outlook.

Support levels at $120 are crucial for Solana; if broken, the price could drop to the lower $100s.

Solana is currently holding the support resistance zone, which is positive for bulls.

Retesting of the 200 moving average on the daily chart is a key indicator for Solana's next move.

A push above $142 could signal a more bullish stance on Solana.

Trader Neil outlines stacked resistances that Solana needs to overcome for higher prices.

If Solana breaks below $120, targets between $100 and $86 become likely.

Trader Neil personally bought Solana spot at around $123 and announced it on his Discord server.

On the 4-hour chart, Solana is showing bullish signs, especially if it can break above the $136 region.

Breaking below the higher low at $132 on the 4-hour chart could signal a short-term bearish trend.

Trader Neil provides his invalidation point for the trade, which is a break below the $136 region on the 4-hour chart.

The video concludes with a call to action for viewers to like, subscribe, and hit the bell icon for updates.

Transcripts

what's up guys Trader Neil here back at

you with another crypto video So today

we're going to be taking a look at

Solana it's been a couple weeks since we

looked at soul and I wanted to go ahead

give you guys an update on price action

where I see Soul going on The Daily 4H

hour and potentially on the higher time

frame before we get started guys um as

always I would very much appreciate it

if you guys hit that like button on this

video subscribe to my Channel at Trader

Neil um we are again so close to getting

to 2,000 subscribers guys I really think

we could hit that by the end of the

month so if you guys could just hit that

button spread the word about trader Neil

to your friends I would very much

appreciate it and let's go ahead and get

started so looking at salana here guys

on the daily chart after that Bitcoin

dump that we had last

Friday we ended up seeing Soul get a

move all the way back down to the

support range pretty much here between

120 and 127 there was a time guys

especially at this level here where I

was pretty bearish on Soul um when we

broke under the 200 exponential in the

200 moving average here on the daily and

the 50 moving average here on the daily

I was getting pretty bearish on Soul

because being under all of those moving

averages again after as you guys can see

this double top right here that we had

at 160 started giving me kind of you

know pretty suspicious Vibes if you if

you might say because overall until we

break a back above 160 after we had that

move

down and we ended up breaking below this

potential higher low here that was

bearish at least short term and so I was

looking at these support levels here on

soul and I did take along here at 120

around 120 to 121 here last Friday

because overall if this level doesn't

hold guys then the likelihood of Soul

going into the 100s the lower 100s and

potentially even to the 80s and 90s the

likelihood of that happening jumps much

much higher and so right now soul is

holding that support resistance Zone

which is good and that is good for Bulls

right now there are a couple things that

I would like to see so not only did you

hold that Sr Zone you held the value

area low of our range all good now we

are getting to where we are retesting

the 200 moving average here on the daily

on Soul we are potentially going to

retest this point of control at 142

coming up if Soul gets another push to

the

upside and if we get back above those

levels and the supply line coming from

our um Highs at the end of July

coinciding with our Highs at the end of

August to where we are now if we get

back above all of these levels guys then

I will be much more bullish on soul and

then I would be looking for a move at

least back up to 160 potentially back up

even to the value area high at

184 but we are at some stacked

resistances here guys and I I don't want

to lie to you and just say that you know

we are overall like super bullish on

Soul we're going to new all-time highs

we're pushing higher and higher every

day and nothing's stopping us I wish I

could say that but right now we still

have a lot of resistances we need to get

back above and then if we start breaking

these higher time frame ones then I

would be looking for higher prices as

well guys if we do end up breaking lows

at 120 and this value area low here on

the chart then I would be very a Miss if

I didn't say that these lower targets

between $100 and

$86 I would think that these are very

likely to get filled and this is where I

would be buying a lot of Soul Spot

personally I bought a little bit of Soul

Spot here at around 123 guys and I

called those in my Discord servers that

in the link in the description below um

I will tell you guys which ones I am in

and where I give calls in

however if Soul comes down to these

lower pric prices this is where I'll

really start to be loading up because in

my opinion once you break into a

previous untapped range like this this

is a pretty good value that's where you

start to see buyers want to step in even

though buyers have been stepping in

really heavily in this 120 support

region if it comes down to retest some

of the lower levels of this previous

range from earlier this year then I

think you could get a pretty substantial

bounce and that would be something I'm

interested in in

sold lower time frames guys

on Solana here on the 4 Hour I will say

I am seeing some bullish things here on

so on the 4 Hour I'm not going to lie to

you guys this this doesn't look too

bad I do like on the 4H hour on soul

that we are flipping this 136 region

after we had that Bitcoin push yesterday

so had a push up to 140 last night it

did get rejected by the 4H hour 200

moving averages here so that'll be a

resistance we'd have to see Soul get

back above however so Lana at the moment

if it can push and break these moving

averages here this supply line from our

highs that I talked about earlier then I

think we could potential potentially

have a move up and my invalidation guys

for this trade is essentially seeing

Soul break below this 136 region and as

you guys can see you have three higher

lows here on the 4our if you end up

breaking below this higher low here at

132 then I would start to get more

bearish on soul in the short term and

then I would be looking to probably cut

this loan but at the moment so looks

good above 136 and potentially could

have a move up to higher prices so

that's my lower time frame thoughts on

soul and my higher time frame thoughts

guys so far bullish on Soul on the daily

until 120 is lost once that level is

lost if it is lost then you'll start to

see me looking for lower prices all

right guys I appreciate you all for

watching this video this is Trader Neil

signing out please like this video

subscribe to my channel hit that Bell

icon so you don't miss any of my future

videos and I will catch you guys in the

near future for another video very soon

all right guys peace out thanks