Foreign Is still in difficult environment yeah He's currently hovering around the 15 Mark and it has climbed since the last Video Um but basically we're only where we Were like 10 days ago from from the Price so yeah it looks interesting as Always but bear in mind we are still Below the 88.7 FIB level which is at Around 30 I would not underestimate this Coins that are below this level of Course they can move up and down Um but they are sort of long-term at Risk we need to be aware of that and I Won't be bullish on any coin really that Is below that level yes there is always Short-term upside potential Um but it's it's just You know if it recovers it will move out Of it of course Um and the downside is naturally with a Coin that dropped like 95 it is limited But you need to understand that Um you know until until Solana has Reclaimed the 88.7 FIP level this coin Is at risk it is what it is Um we have a whole graveyard of crypto Coins that drop below that level and Never recovered there is a whole Graveyard of thousands of coins that Never recovered when they dropped below The 88.7 FIB level that of course Doesn't mean that every coin that drops
Below that level will die But it is fact that if a coin drops Below that level it's not good and coins That do that have a higher risk of dying So simply as that or as simple as that My view is that Solana will recover but We know that altcoins are risky Especially in the bear market like this One altcoins are risky so anybody who Wants to buy Solana is of course Entirely up to you Um the only two things Um or strategies That I would personally use to buy Solana is either for a short-term swing Trade or but again even there I think There are better charts out there or Just long-term High speculation very low Exposure but basically you could get put A little in there and you might get a Lot out of it okay because the target To the upside in a third wave we talked About that before we talked about Roughly the 450 marker right Um for a Target in the third wave and That would be quite nice from especially Looking at where we are now but that of Course requires that Solana will recover Okay so let's take a look at this very Short term Um we obviously dropped significantly Recently due to the FTX issue you could Argue Um and we came down and we again Solana
Is also here in a situation where every Low could be the last one But it just hasn't it simply hasn't done Enough to convince me And especially because we are still Below that 88.7 FIB level we just need To be extremely careful here we need to Be extremely careful and it's it's an Interesting chart at the moment because We are moving up quite strongly But the next retracement will be the Interesting one yeah the next Retracement will be really really Crucial so I'm going to talk to you About why as well I mean ideally I mean We came down here yeah when we broke out Of this sort of triangle to the downside That was anticipated we talked about That I gave a downside Target for me the General Target of the pattern yeah that Is still lower and we could still go to That level absolutely the general Target Of this triangle is lower that is based On the or that is sitting between 640 And 760. But short-term Target here in these First five waves That was reached though I gave you two Targets the first one was reached at uh 1092 I think that was the first Target That was based on the length of the First wave here and I just need to think How did we Know we added it to the high of the
Fourth wave yeah exactly we added it to The high of the Fourth wave and then we got to around For the first Target around 10.90 I Think I haven't done it super accurately Now but it was around 1090 and the Second target would have been around ten Dollars that's the 1.618 extension we Never got there but we reached the first Target and that is already good and Whenever that's done and then we broke Out of the channel to the upside then You need to be ready for potential Upside if such a trend breaks such a Trend break signal is a break of a trend Line very simply which we did And since then we have moved up in five Waves so that's generally a you could Say bullish signal even though I'm very Careful with saying that as long as we Are below the 88.7 FIB level but yeah You know this could be a wave one it Could be a wave one and we could now Come down in a wave 2 and therefore I'm Saying this retracement is not going to Be very important because as long as We're holding from method from the Current High Um If we measure if we hold the 1180 level Which is a 78.6 FIP level then we could Move up in the third wave So in any retracement we need to hold That level and this is the area of the
Highest likelihood that we should see if We have the high already reached here at The moment there is no sign that it has Topped so it could very well still go Higher as long as we are above this Ascending trend line right but this is The area here between 1250 no sorry Between 12.95 and 1180. ideally for a Wave 2 and then we could move up Um So this is an idea how it could unfold Here when do you know that the Wave 2 Starts where you never know really but It is an indication for that or Confirmation would be if we break below This ascending trend line we're nearly There to be honest um looks like we're About to break it but again as long as Holding is holding but when it's Breaking then this could be a signal That we are indeed coming down we Already made here could argue a double Top here a slightly lower high and this Could already come down in a b and now The wave C down okay Um so this will be the interesting Retracement because if the 1180 level Breaks then we're going to very quickly Do a new low I believe okay And target for the third wave I can give You that as well that's a bit of an Estimate at the moment as we don't Really know how low The Wave 2 really Goes
We talk about roughly 18 here 18 to 20 Dollars For the third wave now this could just Be a corrective wave as well that's what We don't know and therefore it is so Important now to just simply watch it This is not necessarily something I see With a high probability what we Currently have sketched out here but Um it's something to watch because it Could also just be From the low here now that this was not A triangle it was something different Maybe a diagonal pattern yeah we can Talk about that as well and that we Simply so basically Um well that we're simply just putting Here corrective move up in place so Basically an a b c yeah and therefore It's so important to watch this observe This because if you see that Um we put uh that lag in place yeah this High and then we come down but we hold Away for support Push higher once more then we can for The first time really talk about that a Low was in because until then it can Just be an ABC and the Wave A can have Five waves as well so it could be very Much mixed up with the wave one the wave B will look like a wave 2 and the Wave 3 Will look like a wave C but this is then Where they separate and the next Retracement the wave four
Should be a shallow retracement if it's A way for yeah And then the wave 5 up and if we get Those five waves then we can for the First time really talk about was a low For Solana maybe in Yeah and that's my update about Solana So hopefully 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