SOLUSD: We look at rallies as an opportunity to short this market with a bit of leverage to increase profits.
Enter your emailI look at rallies as an opportunity to short this market with a bit of leverage to increase profits.This is a market that has been sold off quite drastically, and it looks like the rest of the crypto markets. Crypto is a disaster, and it is likely to get worse from here. As risk appetite continues to be eviscerated, money will flow into the US dollar, which is what Solana is measured by.Any rally at this point in time will more than likely struggle to get above the $60 level.
The market has been in a downtrend for a while, and therefore rallies are to be faded. If we break down below the $40 level, then it’s likely that we go looking to the $30 level. After that, the market then goes looking to reach the $20 level underneath that. At this point, the market is going to continue to be very noisy, but it is obviously a situation where you cannot be a buyer anytime soon. In fact, we would need to take out the $80 level to the upside in order to get long.