How to trade SOLUSDT during the current consolidation phase

9 мая 2023 г.

On April 30th, #SOLUSDT bounced off the 61.8% Fibonacci resistance, resulting in a drop of over 16%. However, today we are witnessing a clean bounce off the 161.8% Fibonacci support level, indicating that SOL may be primed for a relatively strong move to the upside.

To confirm a mid-term trend of SOL, we need to see a decisive break either to the upside or the downside. A daily close above the resistance level would confirm the bullish trend, while a close below the support level would confirm the bearish trend. It's worth keeping an eye on the volume and price action, as a surge in trading volume with a decisive move could indicate a strong trend in the making.

Overall, it is still too early to make a definitive call on SOL's trend. However, the recent bounce off the Fibonacci suggest a bullish bias, provided that SOL maintains above the support level.