Foreign Welcome to another update video about Solana so we started a day with a Long-term Target Um and then we look at the short term as Well long-term Target for Solana I mean It really only had one major cycle here And we count this as a wave one to the Upside the current decline is a wave 2 In the wxy correction which would Ideally be followed by a Wave 3 to the Upside that's sort of the long term Chart then there should be a wave four And away five wave three targets sort of In the region between the 1.618 Extension and the 200 extension between 434 dollars and 530 but I might need to Change that no I don't it's it's all Right it's maybe a little bit lower Depending on how low we really go here But it's sort of in the same region 430 To 530 for the wave 3. that's normally What you would expect the 1.618 Extension is normally the ideal Target Or the minimum you would expect the 200 Extension is um let's call it the Stretched Target for the Wave 3 then There should be a wave 4 which is Normally quite shallow especially if the Wave 2 is quite strong and then we Should see a wave 5 to the upside to Around 700 US dollars maybe even a Little bit higher but that is what you Would normally expect in case it can
Recover because there's never a Guarantee it's an altcoin like many Others and obviously it has some it has Suffered now fundamentally a little bit As well and the sentiment is just Shifting about Solana at the moment Um my view at the moment is there is no Sign it has bottomed and it could very Well go even lower you know it's a Dangerous let's say it's in a dangerous Place to be because it is now in the Area between below below the 88.7 flip Level I've mentioned many times it's not A good place to be now I do not Primarily believe it will die Um I think it will make new highs in the Future but it is in a place of higher Risk it's dropped below that 30 level Which is that 88.7 FIB level and that is Sort of the last level on the flip scale Really it's highly relevant coins that Did go below that level in the past died There were thousands of altcoins that Died I don't primarily believe that for Solana As I said I think it will recover but All you need to know it is in a place of Higher risk and buying Solana he is just High risk it's speculative very Speculative of course you can be lucky But you need to know that and if you Want to make your own decision that's Fine I'm not doing anything with Solana Until we have a confirmed bottom in
Place and then I might consider entering Solana Um but yeah it's that that's not where We are yet you know I think there is Still a chance to go lower and I Mentioned in the previous video that What we had here could be a wave one Down at to around 28 dollars that was in August a wave 2 up here away three down Maybe we're now in a way four and we'll Come down once more in a way five could Stretch down into the region 10 to 5 you Know Um that's entirely possible if we just Use this wave count to calculate a Target I mean I would have to assume Based on this target that we're doing Some kind of a triangle here currently And we we kind of can zoom in in a Minute as well but if I if I take the Length of the wave 1 and I add it to the Well to the previous swing High here Which you could see is a wave 4 already But I don't think it is I think we Rather doing is something like a Triangle then I mean if I use the one to One ratio as Target we are actually at Zero that's not very good Um if we look at the one point that the 0.618 flip extension then I mean if I Count it as a triangle we will end Somewhere around two dollars Um or here at seven dollars if I count The high as as you know sort of trigger
Point Um yeah you know it's not possible at The moment to calculate any any further It can it very clearly you know either Either it moves up from here somewhere In the next You know a few months or it would die is That simple as that um and therefore I'm Not really I'm not really a fan of this child at The moment it has not delivered on any Bullish potential there was as you Remember the bullish potential was Always challenged here it was not high Confidence and I've repeatedly said I Would rather concentrate on the better Charts like ethereum Um yeah Chili's for example Matic vant Um the ones that that really do show Potential are they as well well Ava did Turn over did roll over to be honest Still has some potential it's not as bad As Solana for example still Um but yeah this one here due to these Strong retracements but I did discuss All of that in previous videos so the Possible bullish count we had here was Not high confidence you know that so um We are in a place where you don't really Want to be for a longer period below That 88.7 FIB level and we can drop Lower still right so looking at this it Just shows that we are moving sideways We're consolidating
Um you could see this as some kind of a Triangle maybe a descending triangle Which is a bearish wave pattern yeah Something like that Um There are for me this could be basically Like no it can't be it cannot be Um Or it would be very very difficult to Construct into this some kind of a Bullish wave count because this one here Obviously was a lower low so I would Have to say maybe this was wave four Maybe this was already wave five but I Don't really believe it because it was Only really really marginally lower than The previous low So um Yeah this is not really my primary Expectation here would actually be Not anymore that we have this larger ABC It's still possible but it's Yeah you know you would have to have the B here and then move up in the C but There is no impulse coming if we see an Impulse above 15 I might consider again The Blue Wave count a b and the C to the Upside and then the C wave would be Where the four ends and we come down Then but I'll keep you updated of course About that that won't happen overnight Um and actually primarily I think we are In a triangle here that we had our A B C D and maybe e here already and then
We're breaking down point is as soon as You break below like the 12.40 level Sort of 12 range then we should be Rolling over should be coming down Um as the FIB extensions didn't really Give us a Target well they did kind of Around five dollars or zero we can also Use here the like the still the height Of the triangle Um and that would give us a target of Around six to seven dollars so I think If we really see one more low that is a Realistic Target Um so yeah I need to need and that was I Think the 0.61 8 extension that we Talked about so yeah you know there is No sign at his bottomed of course it Could from here because it's made a new Low then there's always a chance to move Higher until we see how the structure is Actually evolving at the moment the Structure is rather suggesting to me a Triangle pattern because it failed to Break out from here so it's a rather Triangle that would be one of the Bearish wave counts here and it would Most likely break down also you see Volume declining is weakened it's a bit Of a boring day anyway and the rest of The week was a bit boring so the buyers Are just not here Um Solana if you you know you need to Think about it if you come down to a Level like that and you don't really see
A lot of people jump in Because it's suddenly getting so cheap Then it's a reason to be a bit concerned So well at least to expect more lows Okay so that's what I do here for Solana So yeah I will keep you updated should Things change hope you like the update If you did please hit the like button Leave a comment and subscribe and if you Really like the content then please Check out the channel membership thanks A lot for watching bye