Foreign Welcome to another update video about Solana so we have a few smaller changes In the chart nothing significant Um but still I need to make some changes Due to the bankruptcy of FTX and due to The fact that I had used so far FTX as Data source now that is not reliable Anymore and also there are some Significant price differences between The data feed that's coming from FTX and For example now binance just to show you Um if we just go this this is the Binance chart binance um Solana US Dollar yeah 1644 if we go to FTX now it shows me 19.80 of course I can't do any reliable Ta based on this so I have decided to go Back or to go actually to the binance Chart Um zooming out here and also I regularly Get the question here what is sort of The higher level point of view the Longer term view for these coins and I Think that you know today that there's a Little bit more of a quiet day generally Across the markets especially compared To the last few weeks Um why not why not take a moment and Take a look at the Long-term Target for Solana Um Solana irrespective of what I'm Telling you now in terms of long-term Target
I I wouldn't touch Solana at the moment I'm very honest with you that's only my View I wouldn't touch it of course you Know you can be lucky and things can go Up and I think personally it will Recover but still things are so Uncertain out there I would be extremely Careful especially with the coin that's Highly speculative you never know what What's still to come you know the Contagion is still spreading Um that's coming from FTX you know bad News are coming out every day so just be Careful right so it's nothing that I Would personally promote or use at the Moment I I don't oh well no I actually Don't think I own any Solana there might Be a little bit here there but not Really anything Um I haven't touched Solana for a long Time and um yeah again as I said in Previous videos it's never really Connected with me for some reason I Don't know why but maybe that will Change but at the moment things are Still downhill there is no sign for a Confirmed bottom at the moment So of course if I give you a long-term Target this has to be based on the Assumption that this Market will recover Of course we don't know will it recover Or not I think so I assume it because What's the alternative the alternative Is that this coin is going to die which
I don't believe will happen But of course it wouldn't be the first Coin that dies so we just need to we Always need to have the risk you know in You know in mind Um so if I give you a long-term Target For any for any coin this is of course Based on the assumption that it will Make new highs in the future because if It doesn't then you know or if I had the Assumption it wouldn't then there's no Point making it here because it you know The assumption would be it will die so Always understand that these long-term Targets are always based on a bullish Assumption not guaranteeing you that This will happen but if we can recover And if we can get above certain Resistance levels then this is the most Likely Target in the next Blue run so we Talk about here away three that would be The most relevant one in the next Bull Run the next high the next all-time high So after we made a wave one here to 260 Dollars basically back in November we've Then been talking about a wave 2 to the Downside that now obviously has come Down lower than originally anticipated I Think originally when we were back here In December I called for for a price Region all the way down to a hundred Dollars now we then had to adjust this To 55. and had to adjust it even further Because this is sort of the 30 level
Which is sort of normally the the where Or the lowest it should really do Because if it goes below that it will Get into trouble and it is in trouble And we know that why is it in trouble Because the last FIP on the on the FIP Letter on the Fibonacci retracement Letter is the 30 level basically the 88.7 Fibonacci retracement level I've Said it many times a coin that goes Below this level and we talk about Significantly below that level gets into Trouble which doesn't mean it will die But it just increases massively of the Risk it all has to do with Market Sentiment because I mean what what other Support levels do we have I mean there Is support around 15 I've been talking About that in the last few days and That's also where we are holding at the Moment but long term there isn't much There you know if I add the vrvp here to The Chart which shows you the historical Volume Um there is massive support Exactly here in this region around Thirty dollars now we lost that So then if I zoom out even further we See a lot down here around the um two to Three dollar Mark yeah maybe all the way Up to five dollars so that's not really Good and if we get there then we're Basically exactly where we were in 2020. Which can mean maybe we get a massive
Recovery but it is generally not good For the coin because what you want is a Clear uptrend if you come down to the Same level where you were back in in 2020 well the uptrend you know where's The uptrend so okay but assuming we Would get to let's say a new all-time High then we have to draw the Fibonacci Levels the the extensions we use the Extension tool for that go to the high And go to the most recent low in the end It won't matter how much lower we go Because there is much more space anyway So we normally base it on the most Significant low and the target would Then be the 1.618 extension we talk About 434 dollars as a minimum though That's the minimum that you would Normally expect in a wave three usually The altcoins can go higher so we Certainly have scope all the way up to 540 roughly yeah and then there would be Still away five to the upside after the Wave 4 dip and that could take us sort Of in the region 700 maybe even 800 but That should be it then but still you Know they can still go higher um but This is so at least you get a rough Understanding of where we are now let's Take a look at the lower time frame with Solana and or maybe let's just talk About the just the the dip how that Occurs obviously we talk about this Being a wave one to the upside here back
In November 21 peaked and then came down In this Wave 2 which I don't think is Completely yet at least there is no Significant uh yeah and there's no sign That is it's bottomed um and this Occurred in my opinion in a wxy pattern And in the Y wave that's where we are we Have an ABC we finish the Wave A we Finished the wave B and we're now in the C wave down And this doesn't look like it's over yet To be honest Um especially if I don't consider the FTX chart which looked a little bit more Bullish a little bit Um because here now how can we count This well I would have to count this Here As a wave one this is a wave two this Here Um let me just think one two one two Yeah this year probably as as the wave Three there should be a wave four Retracement which you might be doing now And another wave five down Um yeah you know and then And then we're here you know and then This this could only be whatever The first wave Of another dip to follow but hopefully Not hopefully that's it Um but that should take us sort of well Can take a certainly into the five Dollar region right
Um so I just wanna want to warn you Right Um But let's take a look at the Retracements that we're currently doing Here So yeah so the Wave 4 and I'm going to Go to the one hour chart now If we look at this move to the upside We've really only reached so if I Measure from the beginning of that third Wave Here to the upside from the beginning of The third wave here to the to the low of The third wave to the probable end of The third wave then we're now looking at The wave full retracement and we've Reached perfectly the 23.6 flip level at 1878. Um the ideal retracement for wave 4 Would be actually a little bit more it Would be the 2268 level and the maximum It should do is the 2583 level so if it Goes above 25.83 then this is most Likely not a way for anymore it's going To be something more bullish yeah Um but yeah at the moment primary Expectation would have to be that we get To the 38.2 percent flip level because That is normally the ideal level but in This current market I wouldn't be surprised if it turns down Earlier because it already reacted to The 23.6 FIB level so the point really
Is if we get above the 1878 level then The next Target would be 2268 that's the 38.2 percent FIB level and then we need To see how it's reacting to this level Expectation would be it bounces from Here and goes down Um and would break below the recent low At 12 47 right and then we get a low in The way five and again Target for that Would be I mean we've got support Um pretty much at the 10 level because That is sort of just a round number Isn't it Um And then basically around that five Dollar range where we talked about the The high volume the historical volume Right but I can't really give you a Target until I have a clear signal that Way five F Wave 4 has topped so um we Just need a bit of patience but yeah This is not looking good I mean in the Very short term the move up here could Have just been ABC as you can see it's Just a just sort of a three wave pattern To the upside here at the moment a b c Yeah and um that could have been a peak In wave four and however the move down Currently appears corrective as well so If we talk about maybe a long you know I I just told you the ideal level for away Four is a 38.2 percent flip level so That's a bit higher so it could without A problem become a w x y
Um where where I actually think that's Quite likely Um because the ideal level for a wave 4 Is a bit higher So in the wxy you have three waves up we Can clearly see that we have three waves Down we can clearly see that end it Would be nice to get um Well to get the Wave Y to the upside Here and let's say let's actually see What the target would be for the one to One ratio would be around with 2150 21.50 compare that to that's an ideal Target for the Wave Y in this case Compare that to the retracement here Ideal Target for the Wave 4 generally as Retracement would be 22.50 so between 2150 and 2250 would be an ideal zone for It to get into and to reverse then down Make a lower low really only if it gets Above that 2580 level then we can Consider something more bullish but I'd Be extremely careful with Solana at the Moment this is not yet a confirmed Bottom 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