Solana is starting to look like building bullish momentum.
Bullish signs:
Daily:
The price broke out of a prolonged descending parallel channel, retested the top trendline of the channel and started to move up.
The price broke and closed above EMA21 (first hurdle of many!) and has been above it for several days.
The price is above the major support zone around 117.
RSI and MACD are both still in the bear zone, however, they are clearly pointing up and about to enter the bull zone.
4H:
MACD and RSI are both in the bull zone.
The price is above EMA 22.EMA 21 is above EMA55.
EMA 200 is traveling horizontally across the recent price range, but the latest candle was strongly bullish and closed above all EMAs.
While EMA200 is horizontally moving, the price will probably oscillate in the range bound. But once EMAs line up for the bullish set up (EMA21 > 55> 22) in 4H, I will consider open a long position based on the 4H chart.