Technical analysis by mandelsc about Symbol SOL on 6/10/2024

Excuse the overload of channels here, but I find them helpful when evaluating the potential bottoms of bigger moves. Here we see downward and upward channels supporting SOL. But even so it looks weak, and historically ends in a move lower.With that said, we need to break supports, which will happen in a gentle move through it, following by acceptance a big sell off. OR a move higher to trap longs, followed by an aggressive move down.Either way, I am expecting a move lower, and use channels to help guide my bids. I expect the move to be violent enough to take out the entire channel, and find support at the mid line of a new channel below. This strategy has proven very helpful for me in the past.With the confluence of the midline of this new channel and horizontal support, I expect a big bounce around $80.Good luck.