Foreign Continues to be in very boring sideways Movements Um in what I believe is a wave two well It could be a wave too the thing is the Market needs to decide this because we Are really in a phase of indecision here There is a lot of uncertainty there Definitely as long as we're holding Above this yellow support box there is a Chance for Solana to Rally in a third Wave into the region around 19 Okay so We are currently hovering here around The 14 Mark 13 to 14 Um the problem is as long as we are Below fifteen dollars yeah we are in This tight range below 15 above you Could say in the short term here 13 and We're bouncing around here Um important though for Solana to have a Chance to Rally still with a decent Probability it needs to hold above 1180. So this is the area where If we drop below it it would be very Unlikely that it's still a wave two you Know this is the 78.6 retrace 11.80 Dropping below that will make a very uh Unlikely but it will make a a wave 2 Very unlikely Um and will shift probabilities more Towards the downside a direct sell-off Yeah so at the moment what I'm Observing here is the idea that this Could be a wave one yeah and that we are
Coming down in a wave two so basically We talked about it in previous videos This could be an a wave a b wave in the Wave 2 and a c wave now we did break out Of this sort of triangle shape pattern To the downside Which is pretty much an indication that Yeah hey we could be in this C wave Right and um that is not unlikely there Because the move to the upside here Looks very corrective it looks like a Three wave structure makes sense for it To interpret it as a b wave which would Then be followed by a c wave and we Started to sell off quite impulsively so Let's see if this is going to be a Proper ABC correction Um which would then result in a Wave 3 To the upside I mean alternatively If we drop below 1180 we probably have To deal with a direct sell-off yeah Um If we look at in the indicator on the Indicator side of things yeah you can See that the market would actually Support both Things Um the RSI on The Daily for example is Not oversold that much that it wouldn't Support a more direct sell-off however We are sort of in the on the lower end So the downside potential here is fairly Limited that's also why I'm slightly in Favor of upside not necessarily a direct
Breakout or bullish upside or something But short term upside yeah Um so we need to distinguish here Between short term and or very short Term and short term very short term it Looks like we should get a c wave down Deeper into the yellow box and then a Reversal from here would be ideal in a Wave 3 to the upside alternatively if we Get above 15 straight away we could Unlock that really straight away that Higher potential you know it's just that I think a direct sell-off maybe into the Region of around seven dollars with an RSI on The Daily that is already so low Is fairly unlikely of course not not Impossible and Below 1180 we need to Take that much more seriously I'm I'm Not convinced yet that a bottom has been Made for Solana so any upside at the Moment I'm going to treat purely as part Of a correction Relief really basically like an A B C Correction in a wave four which would Result then in another low later yeah That would be pretty much in line with The Bitcoin and ethereum bullish counts At least short term bullish counts But again it all depends on the key Support areas here so um ethereum and Bitcoin have also now reached their Support areas if they drop below Critical levels they are probably going To see a direct sell-off and Solana will
See something similar you know Interestingly that or interestingly Solana has been moving sideways now for Um for a couple of weeks where Bitcoin Actually moved up nicely ethereum as Well but Solana is just not doing Anything really just the very short term It rates a little bit to uh the other Cryptos but um yeah it continues to be a Game of patience I think we should see Here ideally in the very short term a Little bit of a move down in C wave just Because the move up cannot really be Interpreted as something impulsive So what what what can it be it can then Only be a correction and it fits quite Well I think into this pattern that this Is a b wave and we come down once more In C but again the 15 level is the key Breakout point and would unlock price Potential all the way up to in the first Instance in the into the 19 region and Below 1180 we're gonna see a direct Sell-off okay and that's my update about Solana I hope you liked 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