Foreign Welcome to another update video about Solana so Solana unfortunately not Really any exciting price movements it Really looks like that Solana is just Dancing in this range maybe maybe in Something that you could consider Kind of a triangle here but it's it's Way too early to confirm that at least If you connect those Three lows here yeah you get a trend Line and that makes a valley trend line So ideally we want to see a little bit Of a reaction now ideally to the upside And we can be more certain we in a Triangle in the end the triangle doesn't Really help us anyway because what we Need to see we need to see a reaction Here either above 15 that would allow us To understand that we are in the yellow Count or to the downside then we have Space all the way down to 11.80 also Still in a wave two In the yellow count to find support but If we break below that level then we are Most likely going to head for lower Straight away Um into the region around seven dollars Most likely maybe even lower Solana my view is still well I'm not I'm Not convinced that this is a bullish Count Um there is certainly short-term upside Potential but don't get me wrong this
Would only be unlocked as soon as we get Above 15 I showed you in previous videos The historical volume the vrvp which I Mean we can just put on the screen again Which basically suggests that above 15 As you can see there's a huge Insufficiency here so above 15 if we Really break it first of all it's um It's a structural resistance level but Also as you can see it shows you a lot In terms of above that level that there Is not much there in terms of support And resistance so we can then move quite Quickly into the 20 region most likely Yeah Um and maybe stretch it to 25 26 dollars So just be aware of that so the 15 Region is really really important would That mean we are suddenly bullish if This is going to happen no not Necessarily short-term bullish yes Certainly there is some upset potential There but Um this could all just be part of a Larger a b c correction in the C wave is This sort of short-term upside potential All within a wave 4 which would result In another way five sell off later it's A bit too early to confirm that Um but this is how I see it at the Moment it would convince me of something Different If it creates those five waves Up And if we then come down in an ABC
Correction hold a higher low hold Support basically we can then see it as A one two setup and would say that all Right maybe Wave 4 was already in here Wave 5 low was already in here then I Would be convinced that something more Bullish is going on the problem is I Cannot reasonably expect that Wave 4 is Already finished and wave 5 and that We've already ended the bear Market I Can't because I still expect another low For Bitcoin and I can't because despite Bitcoins and ethereum's short-term Upside that we've seen last week Solana Hasn't really done much yeah so there Wasn't enough there and where Bitcoin Ethereum pushed a little bit higher Solana was just moving sideways Luckily while they are coming down now Solana is also just moving sideways Basically but there is just not enough Interest there of from from the buyers So the buyer side is quite weak it's Quiet Um and therefore I'm skeptical about the About this upside potential and this is A chart where I'm where I'm saying there Is certainly potential there in the Short term But I need to see that signal above 15 And ideally a break above that level And the retest of that previous swing High flipping basically resistance into Support and then we could move up yeah
Everything else Careful yeah even a break off to the Downside from here would it wouldn't Necessarily be bearish yeah it would all Just be part most likely of this wave Too so you know this could be a wave a This could be a b wave and we could come Down in a c wave of two Equally it could be that wave a was Already done here we've seen a wave B And the wave C was this but I don't Necessarily believe this because we do Not yet see that bullish reaction to the Upside the problem is that if we were Already in a Wave 3 we should see quite An impulsive move to the upside but I Can start to believe that as soon as we Get above 15 US dollars I hope that's Clear okay and that's my update about Solana so 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 Thank you