We could see further recovery to the upside for solana in the short term
We started the downtrend with an Lead-In trendline that connects the lower highs
The downtrend accellerated with an Bump-fase and faster downside happened with a series of lower highs
Yesterday we broke the Bumptrendline with volume and since then we went sideways
Because of the fast downtrend in the Bump-fase we can see clearly the left half of an V-shape recovery
Due to the sideways priceaction this could still be a V-shape Bottom but with an extension then
So i expect solana to at least tag the Lead-In Trendline and possible have a run if we can break above it
We started the downtrend with an Lead-In trendline that connects the lower highs
The downtrend accellerated with an Bump-fase and faster downside happened with a series of lower highs
Yesterday we broke the Bumptrendline with volume and since then we went sideways
Because of the fast downtrend in the Bump-fase we can see clearly the left half of an V-shape recovery
Due to the sideways priceaction this could still be a V-shape Bottom but with an extension then
So i expect solana to at least tag the Lead-In Trendline and possible have a run if we can break above it
Note
As long we are holding 15 dollar, you could see it as consolidation before continuation to the Lead-In Trendline to the end of the weekWeekly close has passed so i expect a big green candle to have a piercing candlestickpattern to show proof of support in these regions on higher timeframes
We reached the 0.618 Fib retracement of the move up in januari so this could be the ending of wave 2 elliot wave for this bullrun
Note
the weekly piercing candlestickpattern would be confirmed if we close sunday around the 18 dollar resistance before the bump happendNote
Decision time: Green or Red ArrowNote
we bounced to the 0.382 Fib level from 0.5 Fib levelThe V shape is taking shape on the daily level now
if we can have continuation of the bullish trend , i expect to touch 0.236 Fib level and 200D ma (yellow) around the 20 dollar level
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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.