Hello everybody, I wanted to share my thoughts on SOLANA, as I know it has a sizable community of supporters and saw some opportunities in the charts.
<h1>Longer Term is Looking Great </h1>
SOL was hit massively by the May dump correcting over 67% but has since recovered pretty nicely almost doubling in price from the May 23 low. It also just managed to make a bullish EMA cross on the daily timeframe signalling a long term uptrend, let's hope this trend continues and doesn't fake us out. If Bitcoin continues to climb higher and higher we're bound to break the ATH and make a new one, maybe even this year.

![08062021SOLUSDT1D.png](https://images.hive.blog/DQmTf48NbmMEMohNGUELHxoE3os29d1niXbSxvCUq86gwA4/08-06-2021-SOL-USDT-1D.png)

<h1>Short Term Bearish Signal</h1>
SOL is finding itself today in a rising wedge which is usually a bearish indicator, coupled with the RSI making lower highs, I think we're bound to breakdown instead of up in the immediate term to somewhere around where we formed the wedge. SOL was looking good for a while, forming a bear flag and breaking up to 38$, but we might need to cool off for a couple of days to see even more upside with higher momentum.

![08062021SOLUSDT1H.png](https://images.hive.blog/DQmX83M1WyHyAsXtoZEdgzPVohMNQWXmSqTXKSFZxegowxm/08-06-2021-SOL-USDT-1H.png)

<h1>SOL/BTC looks like it will also trend downwords</h1>
On the SOLBTC pair, we can see that the 2 wore trading in a symmetrical triangle formation, which is usually a continuation pattern. I think we need 1 more bounce from the lower trendline for us to see an eventual breakout in the coming days/weeks.

![08062021SOLBTC1D.png](https://images.hive.blog/DQmRY9srCVxBeufeVyBBF56TnrULESc9QyWfeohn5smPmPE/08-06-2021-SOL-BTC-1D.png)

<h4>Disclaimer</h4>
This is not investment advice, I'm just a dude who loves to look at charts, not some hedgefund :)

Take everything I say with a tablespoon of salt.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@thebigmic/solana-at-least-one-more-short-term-downside-followed-by-explosive-move)