Long

How to Trade the Solana Correction

Updated

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!

quantguy

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