Aug.1-Aug.7SOL(1d)Weekly market recap
Last Thursday, the US CPI for July was released. The actual value was 3.2%, which was close to the predicted value. Compared with the CPI for June, it has increased, but from the detailed, the core CPI has declined. This is what the Fed is most concerned about. After the release of the CPI , the probability of no interest rate hike for the next FOMC rose to 90%.
Last week, most tokens still maintained low volatility and the prices entered into fluctuation again after a sudden rise and fall.
After the price approached the given support level, the bulls strengthened and SOL started to rise again. Although in the second half of the week, the rising speed has slowed down, but the bulls have not decayed. A red candle appeared on Sunday and the price made a callback. But yesterday, a long green candle appeared and covered the the losses. The bulls is ahead of the bears.
Conclusion: There is a high probability that the rise has not ended. SOL remains neutral on a large scale, and bulls is stronger than bears on a small scale. So we come to this conclusion. The current rise is difficult to stop here and the price may reach 26. We maintain last week's resistance level at 26 and support level at 22.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
Last week, most tokens still maintained low volatility and the prices entered into fluctuation again after a sudden rise and fall.
After the price approached the given support level, the bulls strengthened and SOL started to rise again. Although in the second half of the week, the rising speed has slowed down, but the bulls have not decayed. A red candle appeared on Sunday and the price made a callback. But yesterday, a long green candle appeared and covered the the losses. The bulls is ahead of the bears.
Conclusion: There is a high probability that the rise has not ended. SOL remains neutral on a large scale, and bulls is stronger than bears on a small scale. So we come to this conclusion. The current rise is difficult to stop here and the price may reach 26. We maintain last week's resistance level at 26 and support level at 22.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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