SolanaLong
Solana and Crypto Market Analysis
A strong 8 hr candle and weekly candle. Part of this is the new official supposedly alleged official trump coin which is on Solana. But isnt this the whole point of solana? Quick and fast solutions.
As mentioned before, Solana was within a descending channel, any green zone areas were good DCA buys ( dollar cost averaging ). We then broke the channel, retested the channel and bounced and pushed upwards portraying a resistance to support flip. Congratualtions if you got in at $180 area.
Sol is currently in price discovery mode and also in its 5th extension wave, expecting $300-$320 short term then a retest back to $260-$270 then a further extension up to $490 area. Across this bull run in general, depending on the total mcap across crpyto, it could easily go much higher.
Solana dropped down out of the triangle pattern for a good month but tested the previous resistance triangle pattern and actually moved above the triangle signaling another potential move to the upside in the near term.
Looks like BTC is not yet ready to give into alt season easily, it has pushed to test back into the upward channel. all eyes on the 60-62% area to see what happens once BTC retests that area of resistance. It is inevitable a proper alt season will occur and hence, keeping eyes on ETH portrays this.
Etherium is yet to break into new ATH's, once this occurs it will signal the start of alt season. Solana is massively out performing Etherium, please check the SOL/ETH chart for validation.
Seems like the total crypto market cap excluding BTC is setting itself up for a move up. Eyeing a 3.04 T target, lets say a 3T psychological target.
What is everyones TOTAL MARKET CAP PREDICTIONS ( including BTC )?
The current BITCOIN rainbow chart still suggests we are in the early to mid phase of this cycle run. Please do search for this, I find that the most simplest of charts are always useful.
The current Pi CYcle Top Indicator chart also suggests BTC has not yet topped yet this bull run.
Other Callouts:
TRUMP Inauguration:
20th Of January marks the day of a new era in the US, with the trump inauguration. a president who is very pro crypto.
Solana is the dominant chain. Solana's 24hr dex volume with 49% dominance. Its volume is way above all other chains combined!
AI ( Artificial Intelligence ) up Solana which is the new topic as of late globally.
Fastest growing dev eecosystem in CRYPTO
America first Crypto Reserve ( although i only believe this for BTC, dont know how numerous reserves like XRP and SOL will work but still a bullish point )
Firedancer already live
2025 4-5 ETFs is ont he cards which is majorly bullish.
Solana has a small mcap vs XRP. What does XRP do compared to Solana?
Overall, Solana still seems to be very undervalued, it's Risk to Rewards ratio is very high. I'll be DCAing for the next 5-10 years. Approach might be now to buy daily instead of monthly. Small incrementals a day.
THIS IS NOT FINANCIAL ADVICE, JUST A TRADE IDEA.
Appreciate feedback plus further analysis and comments.
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