Short

Solana, Weekly, Head and Shoulders + Imbalance to be filled

Updated

Log scale. I predict a further decline in Solana's price due to the head-to-shoulder formation and the still unfilled imbalance. Target 1 is very likely to be achieved. The same with Target 2 due to the inefficiency and still unmitigated demand zone. Target 3 is pretty extreme to reach, but we will see.

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Interestingly, this bearish pattern on such an important logarithmic chart is present in a chart of cryptocurrency that is regularly not working.

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Target 1 reached! Solana to zero, to the hell!

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It could have been played both ways. The zone below Target 1 worked nicely. To reach the rest of the Targets, it would have to go badly with Solana.

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It's interesting that I did this analysis on Solana listed on FTX. What a coincidence...

MichaelFX_ICT

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