SolanaLong
Decoding Solana 1000$ by 5/8 : Comprehensive Technical Analysis
Rough Estimation of this Scenario (Not financial Advice):
Bullish Scenario (Price reaching around $936 by 5/8/2025) - 60% Probability:
Given the strong upward trends indicated by the parallel lines and Fibonacci retracement levels, there's a reasonable likelihood that the price could reach this level, especially if market conditions remain favorable.
Sideways Scenario (Price fluctuating between $175 and $250) - 25% Probability:
If the market encounters consolidation phases, the price might hover within this range, with the lower red parallel line providing support and the upper line acting as resistance.
Bearish Scenario (Price dropping back to around $175 or lower) - 15% Probability:
This scenario accounts for potential negative market developments or external factors causing a downturn. The strong support level around $175, as identified in the analysis, could play a crucial role in this case.
Fibonacci Retracement Levels:
0.236 (251.20)
0.382 (418.44)
0.5 (632.03)
0.618 (845.62):
Potential resistance level around $936, indicating a possible top on 8/5/2025.
Historical Context and Key Events:
FTX Crash Low (9/11/2022): The price hit a low of $8.00 during the FTX crash, serving as a significant reference point.
Bottom (12/20/2022): The price bottomed out at $10.11, (5/8/2024) around 108 and (20/12/2024) 175 marking a crucial support level.
Bullish Scenario (Price reaching around $936 by 5/8/2025) - 60% Probability:
Given the strong upward trends indicated by the parallel lines and Fibonacci retracement levels, there's a reasonable likelihood that the price could reach this level, especially if market conditions remain favorable.
Sideways Scenario (Price fluctuating between $175 and $250) - 25% Probability:
If the market encounters consolidation phases, the price might hover within this range, with the lower red parallel line providing support and the upper line acting as resistance.
Bearish Scenario (Price dropping back to around $175 or lower) - 15% Probability:
This scenario accounts for potential negative market developments or external factors causing a downturn. The strong support level around $175, as identified in the analysis, could play a crucial role in this case.
Fibonacci Retracement Levels:
0.236 (251.20)
0.382 (418.44)
0.5 (632.03)
0.618 (845.62):
Potential resistance level around $936, indicating a possible top on 8/5/2025.
Historical Context and Key Events:
FTX Crash Low (9/11/2022): The price hit a low of $8.00 during the FTX crash, serving as a significant reference point.
Bottom (12/20/2022): The price bottomed out at $10.11, (5/8/2024) around 108 and (20/12/2024) 175 marking a crucial support level.
Disclaimer
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