Foreign [Music] Video about Solana the beautiful chart That just doesn't move Um it really has been a boring uh Sideways Um Journey here for Solana and we're Talking about options here what Solana Could do in each of these um scenarios Either a breakout scenario or a break Down scenario which one do I prefer and Um yeah you know what would be the ideal Downside Target if we in the end break To the downside so we're going to talk About that Um overall obviously Solana is like the Entire crypto Market in this sort of Very very long correction a so-called Wave 2 correction which Will actually started here back in October 21 yeah November and broke down It moved up in a wave one it's coming Down in wave two as you can see here on The chart the 88.7 flip level at 30 Dollars was broken we are basically 50 Below that level that is the last Main FIP level on the FIP scale and any coin That drops below that level has a really Hard time these coins do need to recover If they don't and they stay there for a Long period this is devastating for the Sentiment around that coin and it's Historically well it's proven that coins Would drop below that level they
Often go there to die now that doesn't Mean that every coin that goes there Will die and I don't want to scare Anybody But it's fact that thousands of coins Historically went below this level and Never recovered yeah there's a graveyard Website about coins and well this is Sort of the last level on the fifth scan You can actually see how relevant the Level was because Solana did dance on This flip level between Um June 22 and November and then broke Down eventually here Um fueled obviously by FTX but the Reasons don't really matter in technical Analysis it's written in the chart so For whatever reason it broke from from There to here it doesn't really matter It doesn't matter why it broke from There to there it doesn't matter why it Broke from there to there that doesn't Matter it's in the chart it influences Sentiment and um Therefore You know it's not it's not the best Position to be in for Solana at the Moment unfortunately but um generally What you need to know Solana has has Come down enough to finish the Correction he doesn't need to drop any Lower it's dropped far enough it's Actually dropped too far so it better Recovers now or it will get into trouble
Um the short time frame account here Doesn't really suggest yet that this Move down is over The reason is that we haven't really Seen any impulses to the upside yeah It's not very impulsive behavior to the Upside my view at the moment is My view is that we are in this last wave Down a so-called Um ABC pattern highlighted here in red a B C and we're now in the C wave and the C Wave consists of five waves wave one Done wave two done wave three done now We should see wave four that can also Easily just be sideways movement and Then away five down so I still expect One more let down yeah I still expect That this just purely is not a structure That we're currently building on which It would be very easy to build a new All-time high now it's possible it's Possible Um but we purely haven't seen enough yet Yeah it's it's two early days it's a Trend reversal area I mean Solana is Working on the bottom here A long-term low but I I'm still skeptical So there are there are a few options Here so of course we could break down Straight away Yeah then we would just probably be Moving here in some kind of an elite
Wave triangle sideways in a wave four And will then break down This is of course possible Um and actually to be honest very likely If we don't break above 15 dollars so The 15 level is critical to continue to Move higher also short term if we don't Do that and then break below the 11.80 Level which is below this yellow support Box then we're probably gonna break down Into the seven dollar region Maybe even a bit lower Um So this is possible because we're just Moving sideways um the other possibility Outlined here in yellow is that what We're doing here is a wave 4 yes and the Wave 4 has more upset potential that we Moved in an A B C pattern and that the C Wave is a five wave structure we've done The wave one We probably possibly still in the wave Too yeah the reason is because we Haven't really seen the upside momentum That you would normally expect in a Wave 3 then there should be wave four and Five because we're just moving sideways We're not pushing to the upside at all Um and because we haven't broken above The 15 level which is the absolute Minimum requirement to confirm that we Are in a third wave You know we could still come down in a Wave two further you know we haven't
Really used the support box not not a Lot we touched it yes but we haven't Really used it a lot so it could very Well be that what we've got here is just An A B C structure with an idea Target For the C wave which is normally like The one to one ratio And I have to base it off the recent Higher the ideal Target would be 12.20 Okay so that would be interesting so I Wouldn't be surprised to come down a bit Lower and then start moving However if if we already break out then We need to break about 15 to confirm That we're in a wave three if we're Underway 3 Target would be 19 dollars And then there should be away four and The five but even then even if we get Those five waves done to the upside my First interpretation would be that this Is just part of the wave four so an ABC Structure which would result eventually In one more lower low So very easy to say is that oh very Simply those five waves when we have Them the next move down afterwards will Tell us everything because we can we Either then break down that would be the Expectation or and we don't want to rule It out if we can hold in a three-way Structure a higher low that would be a Very good confirmation that a low is in And then I would also go along here more Aggressively possibly
Um and try to trade away three because This would then be a wave one Hero 2 and A three Yep that's everything I can tell you About Solana at the moment 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 [Music]