Solana chart looks very bullish. The price is currently dropping but I think it is a very healthy correction.
Weekly chart:
1) all momentum indicators just entered the bull zone.
2) The chart is forming higher highs.
Daily:
1) EMA55 finally crossed EMA200. The last time they crossed was October 2023 (see red vertical line in the chart) and it was the beginning of the macro bull trend.
2) Momentum indicators have reached overbought territory and crossed to the downside, however, given weekly momentum indicators have just entered the bull zone, this move is likely to be corrective action.
3) When EMA55 and EMA200 cross, the price often retraces initially to EMAs (21, 55 or 200). Once it completes the pull back, I anticipate the price to move to the previous ATH and beyond.
This is the time when high leverage trading volume increases.
Be careful not get wicked out. Focus on monthly/weekly/daily charts and ignore the noise in the lower timeframes.
Trade active
Solana is currently going through healthy pull back. Yesterday's daily candle closed just above EMA21 with a long bottom wick, which is also at Fib 0.382 zone (Fib drawn from the recent low to recent high in daily chart). Stochastic in 4H is forming bullish divergence and entering bull zone. I am going to wait to see how today's daily candle closes. If the price stays above EMA21 in the daily chart, I might consider open a long position.
Trade closed: target reached
A July monthly candle closed, so I just published a new article on Solana. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.