Solana is inside the purple box and it is pumping quite strongly! At the time of writing it is sitting at $34,94
So what can we expect from this pump and were is the next possible retracement coming?
We can see that the moves to the up and down side range between 4-10% That's big moves if you trade on leverage!
Volatility is certainly happening within the box, also as it stands at the time of writing Solana has reached first significant resistance and support level, we can say Sol is in between (fat green horizontal line)
I would not vouch for a big rejection here the hourly chart looks strong! and it looks like it wants to go much higher!
I couldn't find any headlines to find out why Solana is pumping the only headline I found was that people panic as FTX cold wallets transfer SOL and ETH to exchanges, but it only form one source and the title is rather a click bite!
Could it be that there has been quite a bit of short leveraged positions open and the market moves opposite to liquidate? We can speculate on that, but the lack on concessive news suggests that there is something brewing on Solana and those in the know load up on coins!
I almost forgot!
Solana has almost touched the upward sloping resistance line unless some magic happens and Solana moves straight up to $50, we will certainly have a correction coming very soon!
All The Best,
Aventurine!
