Solana headed back to $23? (Elliott Wave Analysis)
Updated
Solana has completed a powerful impulsive wave up. All Fibonacci price and time ratios are perfect for this impulse pattern, as well as channeling, structure, and complexity. The expected retracement for Wave-A is $23. Minimum target is $58. This will create an excellent buying opportunity because the following wave-B will likely create new all time highs, and then the following impulse after wave-C could take Solana to incredibly high prices. Even as high as $10,000 in a few years.
For now, the tail risk of a global economic crisis is high and this will likely bring down all of the crypto markets. Solana being one of the most volatile and having increased by such a dramatic amount could also have one of the largest corrections.
Should be noted I don't think I've ever seen such a picture perfect impulse pattern at this timeframe on a crypto before. Seems like Solana is almost in a pattern of it's own compared to the vast majority of crypto charts I've analyzed. It may struggle in 2022 while other cryptos gain more regulatory advantage, but long-term it still looks very good, especially in 2023.
For now, the tail risk of a global economic crisis is high and this will likely bring down all of the crypto markets. Solana being one of the most volatile and having increased by such a dramatic amount could also have one of the largest corrections.
Should be noted I don't think I've ever seen such a picture perfect impulse pattern at this timeframe on a crypto before. Seems like Solana is almost in a pattern of it's own compared to the vast majority of crypto charts I've analyzed. It may struggle in 2022 while other cryptos gain more regulatory advantage, but long-term it still looks very good, especially in 2023.
Note
Solana is breaking down from the 2-4 trendline, we should see a big move down soon. So far the drop has been pretty slow so unless things start moving a lot faster after the break down the more likely target will be around $58.
Note
So far Solana has held up pretty well, but it should see a larger break down soon.
It may not make it to the lowest target at $23 and it could stop at one of the higher targets around $115 or $58. The next move down should help set the pace, either way it will probably bottom out around feb/march
Trade closed: target reached
Seems we're finding a bottom around $80. Probably time to start looking for longs.Note
SOL ended up hitting my $23 target. Now with the collapse of FTX it looks like SOL will drop under $10 and could even go as low as $1 over the next few months.
Trade closed: target reached
SOL went under $10, there's still a chance it might go back to 3$, but I don't think it's really worth the risk of shorting anymore. This is probably the final stages of the bear market.
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