Foreign [Music] Welcome to another update video about Solana so Solana has come into this Yellow support area that we talked about In the previous video Um this support area is located between The 78.6 percent FIB level and the 50 Flip level so between 1181 and 12.95 That is an ideal support area for a wave 2. or a wave B doesn't really make a Difference in the short term Just depends on which kind of wave Pattern is playing out here now to the Upside either an ABC or a five wave move Doesn't really make a great difference In the um in the short term here Um so in both scenarios as long as we're Holding above 1181 and don't Substantially drop below that we could Expect a move to the upside afterwards And target for that move would be Depending on how low we really go here But um let's assume we go down to 1181 Maybe Target would then be around 18.30 Here for either a wave C or a wave 3. And then it really depends on do we hold Away for support or not and can we get Another way five you know if we get the Way four support we'll stretch out once More in a way five that would be Slightly more bullish short term but Also would most likely not Um well it would at least be this
Scenario that's needed for a breakout But I'm very very Um well at the moment I can't see that Yet right I can't see that it's it's Impossible to confirm that the low is in Or not Um I primarily still look for another Loafer Solana generally these patterns Here to the upside just reflect some Short-term upside potential As long as we're holding 1181 These scenarios are based on the Situation or assumption That [Music] Um Well you know you could argue that the Bear Market was in here and that five Waves down are complete you know and That this move down could finish off This larger wave too So this is of course technically Possible we could say okay the low is Really in and we're now moving up in Five waves So This would be technically Possible and we can explore that if we Indeed get exactly those five waves to The upside one two three four five when We get those five waves up And that would be a good indication that A low has been made but it would not be Enough to really confirm it
Um It would not even be necessarily a Strong indication and explain in a Minute why Um what would be crucial is that the Following retracement in an ABC pattern Holds support If We Hold Wave 2 support in this Retracement I can't give you an accurate Number for that yet because we don't Really know how high will this five wave Move go if it is one If We Hold wave to Support then We can say with greater certainty that Solana has made a substantial low So this five wave move up and three wave Move down is absolutely important Why is this so important well if we Don't get the five waves up and three Down Then this my assumption will be and that Is the primary expectation actually that The move that we've seen here Was Let me just show you that as well I think I just need two one two Okay yeah I think I need to make some Just change here so this could very well Just have been away three Oh no one second this away three this Could be the wave four as we've got it On some other charts at the moment and The wave 5 might still be to follow okay So in this wave three then
We so this Wave 3 was finished here Around uh yeah what did I say around 12 Right And then we can say that we've made a Wave a A wave B down and this could be a wave C In five waves And this could without a problem stretch Into that price region right okay so Looking at the fips for a possible wave Four We've got here the 50 FIP level Which is the 2570 level so it could Without a problem stretch to 25.70 Without invalidating the idea of a wave 4. that's why a five wave move up alone Will not Um Prove or be evidence or even show us With a high likelihood that the low has Been made because it could just be the C Wave of a wave 4. A B c and the C wave consists of five Waves But only if it is a real breakout Pattern then we would hold the support In the following move down and would Stretch higher if it indeed is a wave 4 We would break down afterwards in a wave 5. So it's really and I said that before Until we get above that 2570 level here
My view is that we are most likely still Going to come down and make a new low Happy to be trained you're happy to Change my view If We Hold Wave 2 support So this could be a wave one up wave two Down but then this would be a possible Entry point The Wave 2 retracement until Then I think either we go up and come down Make a new low or we go down straight Away you know and the reason is just the Weakness in the chart we are below the 88.7 FIB level that is located at around 29 dollars below that level any coin is In trouble yeah generally at risk which Doesn't mean it needs to die but it Means it will take a considerable amount Of time and effort to get this coin back To a new Autumn High it is just what it Is that's why I don't hold any Solana in My hotel portfolio Um it is just what it is you know and um Surely short-term upside possible but Generally this could stretch down much Further to maybe you know five dollars Would be an interesting price I think Where um But then even even then you know it it Will take a long time to get back to to New automizer thing so um at the moment Until we have a real bottom signal I Wouldn't touch it because it's just too Uncertain And there are much better charts out
There you know and even if um bear in Mind if we Let's say we make this way for up then We would still come down in five waves So Can't really give you a clear Target for That yet but it would then look like This one two three four five you know And this could This could stretch down to these levels You know if I look at Um let's let's say the way four would Stretch up to around 25 dollars And then in terms of possible targets You know we take a length of the wave One here Let me just zoom out We take the length of the wave one Because that's one way of how you can Calculate a Way Forward wave 5 Target Take the length of the wave one and we Assume okay we might really get up to Yeah 25.70 Then the very first Target that you Would normally look at here Is the one to one ratio of around 7.20 So This is actually where I already marked Some support areas before here between 640 and 760. so that would be maybe an Ideal An ideal level to end this bear Market Okay that's my update about Solana Hopefully you like the update if you did
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