Mar.28-Apr.4SOL(1d)Weekly market recap
After the liquidity crisis temporarily stopped, another incident happened. OPEC+ announced that it will make additional production cuts last week. Apart from the planned production cuts, several members have made voluntary production cuts and the total production cuts are expected to reach 2 million barrels per day. This event brings uncertainty to the gradual reduction on inflation. The impact of the production cuts will take effect in about two months.
Employment data for March will be released on Friday. This will be one of the factors for the Fed to decide the monetary policy. The other two are the liquidity crisis of financial institutions and the rebound in inflation brought by crude oil production cuts.
Under such circumstances, the crypto-market has been fluctuation for a long time, and the volatility may start to increase this week.
SOL did not return to the high like BTC and ETH. When the price moves away from the previous low, the strength of the bulls decays. As we expected, SOL fluctuated within a small range last week. There is also a significant reduction in transaction volume.
Conclusion: Mostly fluctuation. In the graph, we can clearly see that the volatility of SOL has decreased, like the waves returning to peace. Its performance in the previous weeks was also weaker than that of BTC and ETH. So we think SOL will continue to fluctuate. And it is more likely to go down after the fluctuation. We maintain support level at 16 and resistance level at 26.
If you have any ideas, welcome to communicate with us:)
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.
Employment data for March will be released on Friday. This will be one of the factors for the Fed to decide the monetary policy. The other two are the liquidity crisis of financial institutions and the rebound in inflation brought by crude oil production cuts.
Under such circumstances, the crypto-market has been fluctuation for a long time, and the volatility may start to increase this week.
SOL did not return to the high like BTC and ETH. When the price moves away from the previous low, the strength of the bulls decays. As we expected, SOL fluctuated within a small range last week. There is also a significant reduction in transaction volume.
Conclusion: Mostly fluctuation. In the graph, we can clearly see that the volatility of SOL has decreased, like the waves returning to peace. Its performance in the previous weeks was also weaker than that of BTC and ETH. So we think SOL will continue to fluctuate. And it is more likely to go down after the fluctuation. We maintain support level at 16 and resistance level at 26.
If you have any ideas, welcome to communicate with us:)
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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