As predicted in my SOL idea a few weeks back, Solana topped at $216. Now we're correcting and this may take a while to finish considering the massive pump we had this year.
As such, best to consider shorts in this current structure as Solana is very likely to go to $100 before we have any good hope for a reversal. Even the support at $100 is a bit optimistic at this time, we may get a dead cat bounce, but if BTC and ETH don't hold their technical support at $38k and $2.7k (ideas below) then Solana will go lower, towards $60.
Buying at $60 feels much better to me with less risk. At $100 the risk is not for my taste.
The indicators are bearish. Daily is bearish and MACD on 3 day timeframe just did a bearish cross... Last time this happened it took Solana 2 months to turn bullish again. This time, as we completed a 5 wave Elliot structure, the bearish price action may last even longer.
That is why I think we have to expect SOL to reach two digits price before throwing money at it. :)
Don't get greedy and be patient. Your buy opportunity will come, but don't rush into it. Wait for some bullish signals like a bullish divergence on RSI or MACD.
Like and follow if you liked this idea!
As such, best to consider shorts in this current structure as Solana is very likely to go to $100 before we have any good hope for a reversal. Even the support at $100 is a bit optimistic at this time, we may get a dead cat bounce, but if BTC and ETH don't hold their technical support at $38k and $2.7k (ideas below) then Solana will go lower, towards $60.
Buying at $60 feels much better to me with less risk. At $100 the risk is not for my taste.
The indicators are bearish. Daily is bearish and MACD on 3 day timeframe just did a bearish cross... Last time this happened it took Solana 2 months to turn bullish again. This time, as we completed a 5 wave Elliot structure, the bearish price action may last even longer.
That is why I think we have to expect SOL to reach two digits price before throwing money at it. :)
Don't get greedy and be patient. Your buy opportunity will come, but don't rush into it. Wait for some bullish signals like a bullish divergence on RSI or MACD.
Like and follow if you liked this idea!
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