Solana - waiting to buy, not yet
My general bias for Solana is bullish but it will take a while for the bull to take control.
I just published my view on Bitcoin and explain the chart set up and when to buy more. I will take the same approach for Solana. The market is very volatile and a lot of bull traps along the way. So I rather take a conservative position and wait for the right set up to come up in the weekly and daily charts as below:
1) weekly stochastic (9,3,3) lines to cross and start to roll back up. Weekly stochastic gives me a good idea about how the price in the daily chart will travel.
2) draw a descending trendline in MACD and RSI in the daily chart and wait for the lines to cross (must cross!!) and break and close above the descending trendline. Ideally, MAC lines enter the bull zone (above0) and the first green histogram appears.
Please look at two areas where I drew the blue vertical lines in the chart. These are the perfect examples for a great entry for buy.
Based on my past experiences, when these conditions are met, it removes a lot of market noises (removes mental anguish) and the price moves smoothly in the direction of my bias.