Aug.15-Aug.21SOL(1d)Weekly market recap
The strong performance of DXY has had an impact on many financial assets. US stocks, gold, foreign exchange and crypto have entered a callback. Powell will deliver a speech at the Jackson Hole conference this Friday, and the content of the speech will determine whether the strong DXY will be terminated.
In addition, the long-term fluctuation caused most tokens to dump last week. BTC and ETH almost covered the rise brought about by the BTC spot ETF. Many Alts came to the year-lows. Market confidence took a hit.
SOL has not continued to rise as we thought it would. The bears strengthened significantly, covering the gains of previous week directly and breaking through the given support level. After that, the price has remained fluctuating to now. During the dump, the trading volume of SOL was not as obvious as that of BTC and ETH.
Conclusion: There is a high probability that the fall has not ended. SOL remains neutral on a large scale. Bulls was not strengthening amid bears decayed. So we think the price will continue to fall after the bears take a break and come back. We maintain last week's resistance level at 26 and lower the support level to 19.
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.
In addition, the long-term fluctuation caused most tokens to dump last week. BTC and ETH almost covered the rise brought about by the BTC spot ETF. Many Alts came to the year-lows. Market confidence took a hit.
SOL has not continued to rise as we thought it would. The bears strengthened significantly, covering the gains of previous week directly and breaking through the given support level. After that, the price has remained fluctuating to now. During the dump, the trading volume of SOL was not as obvious as that of BTC and ETH.
Conclusion: There is a high probability that the fall has not ended. SOL remains neutral on a large scale. Bulls was not strengthening amid bears decayed. So we think the price will continue to fall after the bears take a break and come back. We maintain last week's resistance level at 26 and lower the support level to 19.
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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