Foreign [Music] Welcome to another update video about Solana Solana is on track to getting Closer here to our Target in the Previous video we talked about this Descending Channel we talked about the Lower support area of this trend line as The next Target as we were still waiting For another low we have now made another Low which is fulfilling the expectation Here how far it will go down we of Course don't know but a very likely Target would be sort of here the ten and A half cent price level that is also Based on Fibonacci extensions we talked About that in the previous video we Assume that the triangle ended here at Around 13.86 we can take the length of The wave one now I'd selected the wrong Button here what we need to do is here Take the length of the wave one we add It to the high of the Wave 4 and we Talked about those Targets in the last Video I think yesterday that was Actually in the this morning as well the One-to-one ratio is the next Target that Is at 10.89 I think we already reached That pretty much today so that's fine so Now we're fulfilled and the next Target In my opinion Looking at this how it's developing and Looking at this trend channel the next Target could be the 1.236 extension at
10.60 and if we break below that and That would be another ideal Target for a Fifth wave would be the 10.12 level the 1.618 extension Um here of the wave 1 added to the Wave 4 beginning right I wave four end so to The beginning of the wave five currently It was also looking like that in this Fifth wave we only have um three waves And that's actually not too much of a Problem no it is a problem because this Is not a diagonal so Um yeah we're looking here at maybe one More leg down and that could could reach Here the 1060 level or 10.12 level so For me the scenario has been fulfilled We talked about the possibility that the Next low could obviously end the bear Market do I believe it no not without a Clear signal so there is no sign it has Bottomed yet so short term I expect you Further downside however should it now Break out of the channel to the upside Then my view would be that these five Waves down are complete yeah bear in Mind we already talked about it last Week here that this triangle is most Likely a bearish pattern a descending Triangle a b c d e which would most Likely break to the downside which it Did with an ideal target range down There between 6.40 and 7.60 that's sort Of the target for the larger pattern Therefore this move down could only be
The first wave of a larger fifth wave Right so it could be as indicated here Those five waves could only do the wave One we would then see a wave 2 Retracement there will be away three Down away four Up and Away five down we Might as well see single digits for Solana I would not be surprised not in The current environment especially as I Expect Bitcoin to go down lower as well However could there be some short-term Upside of course there could be and if There is then my first view would be it Is this Wave 2 which is happening which However should not go beyond uh 13 and 60. yeah if it does we need to look at Something different here but at the Moment especially as long as we are in The trend Channel down we following the Trend if we break out to the upside then The first Target would be the 12.40 Level here that trend line that well not A trend line that's a horizontal former Support and now resistance level so yeah That's just a quick update about Solana 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 [Music] Thank you