SolanaShort
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.
⚠️LIKE AND FOLLOW⚠️
Go to feels.meme and buy $feels to get the next 10,000x memecoin on TRON
$FEELS CONTRACT ADDRESS: TPB97rf5YTuFGBBSGLS1umVzrSvVPHrQ7p
Go to feels.meme and buy $feels to get the next 10,000x memecoin on TRON
$FEELS CONTRACT ADDRESS: TPB97rf5YTuFGBBSGLS1umVzrSvVPHrQ7p
Related publications
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.