Foreign Welcome to another update video about a Solana we see a little bit of upside but It's still hovering just below Resistance we're going to zoom in in a Minute but you can obviously see this Both ways you could say that we are Stuck just below resistance but you can Also argue that we are just hovering Around support because if we lose the Current price range yeah which is Basically and I'm going to add it now to The chart Here just you look at the Historical Volume yeah so this is going to give you Some indication about what are the Historical areas of trade where has Historically been the most volume these Usually represent areas of support and Resistance so you can see that On this chart The area between 12 and 50 I would say All the way up to let's say 16.20 just Roughly Presents an area first of all of support But also resistance which means that if We drop if we lose this area we can Quite quickly get into this area down Here Which is sitting between basically four Dollars and well one dollar yeah Um Broadly yeah roughly so there is a very Very clear area of
Support here and resistance between 1250 And I would say 16.20 yeah if you look At the Historical volume of support and Resistance Um Which means that if we drop below this Level below the well yeah 1250 level I Would say there is a lot of Insufficiency here in terms of Historical volume so there won't be a Lot of support on the way down So that means we can break down quite Quickly should we lose this level on the Other hand If the short-term bullish potential is Used which I have on the chart which We're going to take a look at then it Can move quite quickly as well to the Upside but for that it needs to break Above that resistance area as well so Just that you know these areas exist I Found it quite interesting to to Highlight because it's important to know What are the key pivot Points you know Below which level and above which level Can we see quite a lot of movement and I Think because there is this Insufficiency here yeah I can zoom in Actually as well you can actually see That if you move Above This level and I Can specify that a little bit Makes it a bit tighter here this area I mean the peak is here all the way up To around about 15 right if you see this
This massive spike is all the way up to 15 actually so if we want to specify That further the areas of of most Volume That's the area yeah between 1250 and 15 I would say then you can see nice if we Break above 15 That would get us into this region of Insufficiency so we can move up quite Quickly that would be in line with the Elliot wave clown that if we can break Above 15 it can take us certainly into This region here eighty nineteen dollars In the first instance and then of course Pushing a bit higher into the region Around twenty five dollars That would also be in line With the Fibonacci retracements because As you can see if we say okay we moved Down In A wave one moved up into two this was a Wave three to the downside we are now Possibly in an ABC pattern in a way four That can without a problem reach the 38.2 percent flip level at 22.68 we Talked about that level before and then Here the 2570 level that's the 50 Retracement above that level you get an Increase in Volume again yeah and that will be Resistance as well and pushing above That level will also make it unlikely There's still a way for but until we
Break really above 2576 this could all Still just be a way for But I think it's important to know that A move above 15 dollars Could push us quite quite a lot higher Right but it doesn't necessarily mean It's bullish so okay let me take those Support resistance areas out again and Let me hide the vrvp indicator Let's take a look just purely on the Wave count Um and here it becomes visible It becomes very visible that Um If we say that this red count is working Out yeah a wave 4 to the upside which Would result in another sell-off Then we would look at this in terms of It being an a wave a b wave and the C Wave to the upside and then within this Yellow wave C we've got the five waves This potential to the upset short-term Potential to the upside which would take Us first of all into the let's say 18 Region here for the wave three and then The way five could take us way higher Maybe all the way up to 25 dollars this Is most likely going to play out if we Break Above This wave one high I did say That yesterday and the days before that This is really the resistance area about 15 so if we push above that level Um also looking at that those historical Volume bars yeah as I said above 15 it
Can push it quite high that would be Very much in line with the elite wave County of it being a Wave 3 which would Follow next because the Wave 3 is Normally the most bullish wave in an Uptrend and the target would take it to Location 19.40 pretty much yeah so it's quite a Bit of movement and that would all be in Line with that assumption that Um There is this insufficiency of Historical volume and it can't push it Quite higher on the way up the first Resistance will be around that 18.80 Level the first major resistance that's The wave a high ideally we push a little Bit higher in the third wave but do we Have to go up no of course not Um at the moment my view would be this Is quite likely especially as long as We're holding the support box here the Support box is between 11.80 and uh well 12.90 and as long as we hold above that Level we can push higher which does mean We could short term go a bit lower I Mean a b and then C down no problem as Long as we hold the support area the Yellow card to the upside is valid However if we drop below 11 and 80 then It's most likely going to be a sell-off Straight away that would be quite a lot Of weakness and we get probably straight Away into this region first of all into
The seven dollar region the Fibonacci Extensions would Point towards that Level and if we drop below that level Well then we most likely get into this Region what did we say between 4 dollars And one dollar so yeah it's all about You know what does the market do now Which breakout point do we trigger at The moment I'm leaning towards some Upside Uh of course not guaranteed the longer This takes the more likely it will be That we break down why because Bitcoin And ethereum Are Climbing higher so Lana Isn't really doing much and as they Climb higher at some point they will get Exhausted and will correct down and if They correct down and Solana will be Affected as well it will most likely Give it a new low unless Solana can Finally start pushing here to the upside So it's really really important it Starts pushing otherwise um Solana will Get a bit into trouble here and probably Will be brought down together with Bitcoin and ethereum one once they get a Little bit exhausted that's my update About Solana I 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