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By CryptoSaint · Posted
Solana (SOL) has been on a tear, surging past $180 and entering a crucial resistance zone. While this suggests a potential rise above $200 in the coming days, there are signs that a correction might be brewing. This price analysis can help you form your own Solana price prediction. Bullish Indicators: Strong Performance: Solana has displayed strength during a period of consolidation for Bitcoin and Ethereum. Increased Market Activity: On-chain data reveals a significant rise in open interest, indicating heightened market activity and investor interest in SOL. Persistent Buying Pressure: The spot Cumulative Volume Delta (CVD) trend indicates ongoing buying pressure and investor confidence. Bearish Concerns: Resistance Zone: Reaching the $175-$195 resistance zone could trigger profit-taking and a price pullback, impacting the short-term Solana price prediction. Elliot Wave Theory: According to Elliot Wave theory, SOL might have completed Wave 5, potentially leading to a retracement. Technical Indicators: The RSI indicator suggests the market may be overbought, potentially leading to a correction in the Solana price prediction. Order Book Challenges: Challenges in the Order Book Volume (OBV) suggest SOL might face difficulties surpassing current resistance levels. The Verdict: The next few hours are critical for SOL. While strong on-chain data suggests continued demand, the technical indicators and resistance zone raise the possibility of a pullback. If the bulls fail to hold the $175-$177 trend line support, a drop below $160, a crucial reversal zone, could occur. Overall, SOL's future trajectory remains uncertain. While the potential for a rise above $200 exists, a short-term correction seems likely. -
By tradinglounge · Posted
Copper Elliott Wave Analysis Function - Trend Mode - Impulse Structure - Impulse wave Position -Wave 3 Direction - Wave 3 is still in progress Details - Price rallied above 5.00 major level as wave 3 seeks completion. There is still room for more upside before the price turns down for wave 4 pullback. Copper has been one of the strongest commodities in 2024 year-to-date, rising over 32% so far and poised for more gains before the first half of the year concludes. The bullish cycle started in July 2022 but experienced a rough patch in 2023 before resuming its upward trend in 2024. Copper's long-term Elliott wave structure can be traced back to pre-2000 when a diagonal structure began to emerge. In March 2020, the cycle degree fourth wave of the diagonal, wave IV, concluded below $2. Since then, prices have moved upwards in a 3-swing structure to complete wave V, subdivided into blue waves A, B, and C. Blue wave A ended above 5.04 in March 2022 with an impulse wave structure. Subsequently, blue wave B formed and concluded in August 2022 at 3.23 with a zigzag structure. Since August 2022, blue wave C has emerged and is expected to complete an impulse, subdivided into waves (1), (2), (3), (4), and (5). Waves (1) and (2) have already concluded, and the price is now in wave (3), which started at 3.52 in October 2023. Currently, the price is in wave 3 of (3). This analysis indicates that blue wave C still has some way to go before completion. On the H4 chart, we can observe the progress of wave 3 of (3). The price is currently in wave (v) of blue wave iii of 3, indicating that wave 3 is nearing completion. An extension to the Fibonacci zone of 5.266-5.538 is likely, and wave 4 could potentially start from there. The copper price action favors buyers who are looking to buy after dips. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here! -
By lyngrefrath · Posted
I've been using a similar setup in my trading and it has made a big difference. The automation aspect helps, especially when I can't be in front of the screen all day.
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Question
andyaellis
Why are the spreads on the DAX and CAC four times their normal size today?
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