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.