- Solana looks extremely strong at this moment, and it looks like we will have an explosive pump! But it has already begun.
- From a technical perspective, we need to retest the previous blue trendline, which is at 29.8 USDT. It's also the point of control for the previous price action. This is the first profit target, and I recommend selling SOL here.
- The second profit target is more advanced. There are a lot of stop losses above the wave (4), so the market might find enough strength to get there. It's at 48 USDT.
- In my previous analysis on Solana, I recommended buying SOL at 8.6 USD, so check out my previous idea in the related section down below for more details.
- The chart is printing a broadening falling wedge on the weekly chart, and there is definitely the possibility to touch the top of the wedge in the immediate short term!
- This analysis is not a trade setup; there is no stop-loss, entry point, expected duration of the trade, risk-to-reward ratio, or timing. I post trade setups privately.
- As per my Elliott Wave analysis, the major impulse wave from the previous all-time high has been completed successfully, and at this point we should look for an ABC retracement to the upside.
- I see a lot of signs that Solana has temporarily bottomed out on lower timeframes. The strength is currently incredible.
- Counter-trends tend to be steeper, so there is a possibility of hitting my price target at warp speed.
- If you want to trade Solana intraday, it's definitely a good opportunity because the volatility on this coin should be insane. I recommend only longs.
- Thank you, and for more ideas, hit "Like" and "Follow"!
Note
If we take a look at the 5m or 1m chart, we can see a huge green dildo. It's a very bullish sign. The price is moving up like stairs. +21% in 1 minute.Note
Solana is extremely strong at this moment. I am holding my long that I entered at 8.67 usdt until we reach almost 30 usdt. I can update this analysis if I decide to sell early. It's a massive short squeeze; the shorts must be destroyed.
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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.
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.