Foreign [Music] Video about Solana Solana is hardly Moving at all but it did move a bit Yesterday and it did move down further In line with expectations here with this Count on the chart after we broke out of The triangle to the downside that's when The market had made the decision that we Are probably going to go into the yellow Support box which we did and um yeah you Know I don't think this move is over yet Obviously I can't say with certainty but I told you um Over the weekend or also that it is Usually more likely if you have an ABC Correction like this one that the C wave Goes down below the low of the a wave Now we've basically formed the double Bottom here so maybe that's it already Minimum expectation Um fulfilled here but ideally it goes a Bit lower so overall the idea here is That um Solana could be in a one-two Setup and will set up four away three to The upside however Few conditions need to be fulfilled for That two at least yeah we need to hold This yellow support box which means at The very least we should hold the 1180 Level which is the 78.6 retracement of The wave one as you will know by now Because Um we've been talking about that for a
While now here the 78.6 percent FIB Level below that level it will just get Very unlikely that it's still a wave two And the other condition is that Obviously afterwards we need to break Above the high of the wave one here that Is the 15 US dollar level now in the Very short term you can see that the Market decided obviously to break out of This triangle that's in my opinion part Of this ABC structure Um and the c-wave is a five wave move so Uh no surprise that we made a lower low Yesterday So we can take another look at that in a Minute but the idea is that this was a Five wave move off the low to the upside And an ABC down in this wave um two and The C wave is the wave that we're Currently looking at in which we Currently are and you can see that in The C wave we um obviously were waiting For five waves to me it looks like at The moment that we've done a wave one We've done a wave two we've done away Three here you can see one two three Four five waves in wave three then away Four should be ongoing now maybe that is The wave four and the wave 5 would still Be coming yeah Um target for the wave 5 is extremely Difficult to forecast at the moment Because Um we don't really know exactly where
The Wave 4 will will Spike now whether We'll Wave 4 will Peak this could be Understand as an Impulse to the downside In wave C so one two three problem is That the three was not really long Enough let's double check that Yeah it wasn't long enough so the idea Is either we go a bit lower and wave Three or it has to be counted as some Kind of a diagonal pattern these are Never very reliable Um But um what we can do if we have such a Diagonal pattern we can see if we can Draw a channel and in diagonal patterns Channels are much more reliable than FIB Levels so I've got a Target here for a Possible way for well maybe of around 30 Depending on how long it takes but Let's say this happened today would be Around 13.60 yeah and before we ideally Come down once more but a break out of The channel here to the upside would be An early signal that the things are Changing I gotta take out the triangle Now it's not relevant anymore but the Channel seems to be relevant we've got Two touch points up there more Importantly three touch points down here Creates a channel yeah where you need at Least three on one side two on the other Side a parallel Channel and in a Diagonal pattern Um Channel support on Resistance are
More relevant than FIB levels and yeah If I look at Key support areas in this Yellow support box We're looking at the area of 1250 that's The 61.8 percent flip level so I Wouldn't be surprised to find eventual Support there for wave 5. we'll see Um or you know that 11.80 level and from There at the latest the price should Reverse or it will probably make new Lows yeah in the region maybe to seven To five dollars that's a support area Down there now I had a few questions About 1180 holding 1180 some people ask You know what happens if we have a week Below it a week doesn't matter this is Not an invalidation point this is sort Of um a level below which invalidation Will get very likely so obviously it Doesn't help me it doesn't help us to Say right below below the low of the 22nd of November we are going to go down Lower because this is already the low Here of course we go down lower if we Break the swing low Um it's always to understand in which Wave are we and with which FIB level it Becomes invalidation of the short-term Upset potential very likely so the 78.6 FIB level is usually Um an ideal level for Wave 2 below which If we get below that invalidation gets Very likely so a week doesn't really Invalidate it yeah if we go down with a
Wick below the 1180 level it's still Okay because if the market recovers Quickly that's totally fine Um and if that happens within a day it Should be fine Um it's always about does this price Level get broken substantially so a Small week doesn't doesn't really make Make any difference right Um but yeah that's where we are and then If we find support and do move higher we Can reach sort of the 19 region but Always bear in mind at the moment we Don't really see any movement even Though Bitcoin and ethereum are actually Performing quite well Solana isn't doing Anything and then you again have Evidence here that no not every coin is Doing what Bitcoin is doing Um surely there are some correlations But they are temporary and each coin Reacts differently to bitcoin so we have To really assess every chart on its own It's not like if you know Bitcoin you Know them all no that's absolutely not The case this is a perfect perfect Evidence that this one here is not Related to bitcoin at least not at the Moment of course there are temporary Correlations but at the moment it's not Just look at this chart and then look at The Bitcoin chart it looks completely Different huge green candle at the Moment rather in an uptrend whereas
Solana is rather in a downtrend here so It's interesting to see that um because That's what I've been telling you for a Long time but I still get comments um That you know you only need to look at Bitcoin and whatever but no it's not the Case you know they all move differently And just look at chilies just look at Polygames just look at GMX they're all Moving differently so each coin is in Its own wave structure yeah of course There are certain correlations they are Mostly just temporary some coins don't Care about Bitcoin at all yeah so yeah But this is the key area that we Mentioned the key breakout points and Invalidation points mentioned so you Should be prepared for the next Movements 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] Thank you