Solana is one of the fastest growing blockchains, and if you're a cryptophile, you'd have to be hiding under a rock not to have heard of it by now. However, with the rest of the crypto market, we are seeing a nice dip from highs. We have a clear 5-3 Elliott Wave forming, starting in the low $100's and topping off at $259. We are in the midst of the corrective impulse at present, which is confirmed by a slump in the Kovach OBV. We were hopeful that $215 was the bottom and that we'd see a nice rally to begin the next impulse. Unfortunately, this did not come through as expected. But we do seem to be holding onto the $200's, if but by a thread, which is a good sign. We are starting to see a few green triangles on the KRI confirming support around current levels. If we retrace further, we will have strong support from $185, which is a relative low and the 0.382 Fibonacci level. If this does not hold, then we should have further support from the 0.236 Fibonacci level at $168.
Note
Nice rally to $213 just after I posted this!
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Join my discord at discord.io/quantguy
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.