SOL Update

I wanted to provide a quick update on SOL. Although I’m not currently involved in this trade, it appears that it may experience a significant downside move in the near future.

After conducting some analysis using Gann Fans and custom Fibs, I observed that price has broken a major level of support and entered a fast-moving downtrend. Additionally, there is little liquidity to slow down the descent, which was demonstrated by the quick upward movement in the same area.

Please note that this doesn’t necessarily mean that price will plummet to the next area of price consolidation, but it’s likely that the movement will be swift. Based on my calculations, there is a 10% difference in price movement between the broken support and the next level of price consolidation.

On the second chart, I utilized the Square of 9 to calculate price levels that serve as support and resistance. It’s worth noting that $20 has just been broken, and approximately $19.788 acted as support. The next price level down is $15.788, which sits at the low of the previous consolidation area.

Please keep in mind that this is not financial advice.

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