Solana is showing early signs of a possible bullish breakout, but bulls are still reeling from $SOL’s 75% wipeout and macroeconomic data will remain a threat to the recovery.
Solana price has begun to consolidate in a tightening range and if the wider market remains stable, it’s possible that SOL could break out in the short-term.
In addition, the 50% Fibonacci retracement of the all-time high to the July 26, 2021 weekly low and the 2022 Volume Point of Control also exist in the $90 price zone.Bulls traders should anticipate some resistance for SOL price near the Kijun-Sen and 61.8% Fibonacci retracement near the $70 price range. However, given how thin the Volume Profile is, that resistance may be short-lived.Downside pressure remains a concern but is likely limited in size and scope.
Complimenting Gann’s 180-day cycle is an event within the Ichimoku Kinko Hyo system: a Kumo Twist. A Kumo Twist is the time period when Senkou Span A crosses Senkou Span B. Additionally, the Cloud changing color can be observed. Kumo Twists have a high probability of identifying when a new swing low/high may occur.Solana and the broader crypto market remain at the mercy of the stock market.
Volatility is expected to be exceptionally high this week as well. New home sales data comes out on May 24, durable goods on May 25, GDP growth rate on May 26, and personal spending and income on May 27.
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