During the Jackson Hole meeting, Powell said it was too early to discuss when to slow down the QT unless a sharply fall in CPI could be seen. Hawkish signal was quickly spread through risk assets. But is this really the case? Coincidentally, the PCE data released on Friday morning was the lowest data since October last year, and this economic data was once used by Powell to put off the fire when the CPI hit 40-years-high. But in this time, Powell ignored the PCE and become hawkish. It's hard not to wonder if the Fed is really sticking to a long QT, or is it regulating the short-term market or making a show for the democratic supporters.
Of course, cryptocurrencies and U.S. stocks were hit hard on last Friday. The one-day loss erased the previous six-day gain and continued to fall on last Saturday and Sunday.
The price of SOL remained in a narrow range at the beginning of last week, and broke our given support level on last Friday, and returned to the support level under the carry of the market on Monday. On the whole, the performance of SOL in the past two weeks has been weak, and it has been in the downward channel since Aug.14. We also mentioned earlier that, unlike ETH and BTC, SOL lost a lot in the decline before July, and the price level is also approaching the start of the sharp rise in 2021, and here is a lot of chips stacked to provide support. But this week the price fell back to 28 again, and the strength of the strong support level was consumed a lot. Its situation is poor.
Conclusion: Mostly falling. We base this conclusion on the weak performance last week. Although the strong support level has not been broken, but weaken. We believe that the price may break the strong support level 28 this week, and we have lowered the resistance level to 38.
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.
Of course, cryptocurrencies and U.S. stocks were hit hard on last Friday. The one-day loss erased the previous six-day gain and continued to fall on last Saturday and Sunday.
The price of SOL remained in a narrow range at the beginning of last week, and broke our given support level on last Friday, and returned to the support level under the carry of the market on Monday. On the whole, the performance of SOL in the past two weeks has been weak, and it has been in the downward channel since Aug.14. We also mentioned earlier that, unlike ETH and BTC, SOL lost a lot in the decline before July, and the price level is also approaching the start of the sharp rise in 2021, and here is a lot of chips stacked to provide support. But this week the price fell back to 28 again, and the strength of the strong support level was consumed a lot. Its situation is poor.
Conclusion: Mostly falling. We base this conclusion on the weak performance last week. Although the strong support level has not been broken, but weaken. We believe that the price may break the strong support level 28 this week, and we have lowered the resistance level to 38.
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.
