Still bullish in the higher time frames Solana has been struggling to break and stay above $170-200 zone this cycle.
It has been a very difficult asset to trade, however, I can see more bullish setups than bearish setups in higher timeframe charts.
Monthly:
1) July monthly candle closed above Fib 0.618 and formed higher high higher low.
2) RSI and MACD are still in the bull zone.
3) Stochastic are in the bear zone, but they are pointing to the upside.
Weekly:
1) EMA21 is still above EMA55.
2) The current weekly candle is forming bearing engulfing candle, however, there are two more days before it closes. It is still above EMA 21.
3) RSI orange line (RSI based moving average) is moving upwards and entering the bull zone.
4) MACD is about to enter the bull zone.
5) Stochastic hasn't reached overbought territory yet.
6) The set up of these three momentum indicators is very similar to the set up in Oct 23 before Solana started a massive bull trend. (see red vertical line)
Daily:
1) EMA21>EMA55>EMA200
2) As I said in the previous articles, EMA 55 and 200 don't cross easily. But when they do, the price often pulls back significantly before it starts to move in the direction of the trend.
3) Daily candle broke below EMA21, however, the price is reacting strongly to EMA55.
4) The price is still higher high higher low.
I will wait and see if the price is going to bounce off from $143 -157 region. (see blue rectangular block).
