Foreign Video about Solana we don't really see a Lot of price movement but the price has Further declined overnight Um not too much though there isn't Really a massive price movement so the Analysis from yesterday still stands but Um just a word of warning I want to Really issue in every video today Um as we have a very very unclear Situation apparently all the FTX funds Are currently leaving well whatever was Left Um that's at least as far as I've heard On on Twitter and on several crypto news Pages and they do advise everybody to Delete their phone app and to not open The website because they're um Apparently they think about possibly Some malware it's not entirely clear yet If it is a hack where all the funds are Suddenly leaving the exchange unusual in Unusual activity or if it is just Insider you know a back door let's say Activity with is probably also criminal But who knows so I just wanted to issue That word of warning you'll find all These news on Twitter and websites Um I decided not to make a separate Video on it because it doesn't really Fit a TA Channel but obviously I've Updated everybody on Telegram and Discord We had some discussions around it but
Important is that you best not to update Your phone app and best to delete it FTX And not to open the website as they State there could be some malware that Tries to get you other keys or whatever By the way also recommended I haven't Seen that anywhere but I'm thinking if You use and this is anyway something you Should never do but if you use the same Email password combination on several Exchanges Um on FTX and maybe other websites Emails or whatever I would change all my Passwords because you never know what Kind of information these guys Can get hold of right so be careful with That okay let's take a look at Solana The situation is still that we're here Looking potentially at lower lows at Least there is currently no confirmation That a low is in so we talked about this Yesterday Um that from the all-time high the move Continued to the downside in a wxy Pattern So basically a more complex correction w X y we're now in the Y wave and the Y Wave consists of a b c and Um this move In the C wave so we are basically in the C wave consists of five waves as well And here we've got a wave one a wave two A Wave 3 which has probably been Finished the Wave 4 in which we probably
Are at the moment and the wave 5 still To come we talked about possible targets Between ten to five dollars Um I don't think it's it's it's it's It's actually possible to specify that Much further at this stage because there Is no clear sign that let me zoom in There is no clear sign that this fourth Wave in which we currently are has Indeed topped there is no clear sign you Will probably only get a real sign as Soon as we're dropping below that b low There and that is at 13 3 that would be a let's say confirmation That indeed we have topped in wave four At the moment I'd like to see here one More leg up because the move down Appears to be very corrective now that Could be a good sign that could actually Mean that we have Seen here some kind of a reversal let's Say an Impulse but it's not an Impulse Because I can't count five waves up Um but at least it could be let's say a Diagonal to the upside so if you see A move up and the following retracement Is corrective it would usually suggest That we're going to go up impulsively But the problem here is that this move Up was correct if this move down is Corrective so my conclusion is that this Is a wxy pattern and I would expect one More leg up yeah of course not Guaranteed so therefore I'm saying if it
Goes really below let's say 13.30 which Is the wave below then you have Basically a confirmation that's heading Further down and then I would be looking At support areas of 10 and 15 dollars Nothing I would touch at the moment very Honest with you and talked about that Um And from here a Target to the upside if We talk about a wave y So we can take the length of the W wave And we add it to the low of the X wave And the latest Target would be 21.09 that's the first Target the one to One ratio in something more bullish we Could even be looking at 25 that is the 1.618 extension Um and in that region we would expect so Either two of these are valid targets Here Um both of them and if we look at the Retracements it's a very similar story You would be looking at um two more Retracement levels so there's just Different ways of calculating targets There is one so we you can see that in This possible fourth wave we've reached The minimum already at 1892 that's the 23.6 percent Fibonacci retracement the Ideal Target would be the 38.2 percent Retracement 38.2 percent flip Retracement at 22.77 that would be the Ideal level and then the maximum is 25.88 that would then also go beyond the
1.618 extension of wave w The Wave Y Target and if we get above That level which is above the 50 Retracement then you are really looking Here at um something different than a Wave 4 because then it's going up too Much basically to be a waveform right Um and then we might be actually already So that's why I say it as soon as we get Above 25 let's say 25.80 well above that Level really plus minus a few cents Um then we are really looking at a Reversal with higher likelihood because Then it's just getting unlikely it's Still the way four but at the moment for Me the general trend is still down There wasn't really any evidence this Has stopped okay and no I didn't want to Delete this let me just go back Um and also you know we we looked at the Vrvp here the historical volume Um you can see if I have to zoom out for That that allows a lot of resistance Really in that region up here around the 33 dollar level that's historical volume So really we need to get a buff that to Really confirm a breakout so that's more Of a Target that's further away and if We look at Key support areas So I think we talked about that Yesterday as well if I really zoom out Of the entire chart the biggest support Area is really starting down here at Five dollars so it is far away
Um I made Tas in the past that You know showed targets of around ten to Five dollars for Solana but I dismissed Them as unrealistic But you can see how in Crazy situations If the fundamentals change these price Targets in the end can be reached so Let's see if we get there for me there's No sign that this is over yet Um with Solana the contagion is still Spreading of FTX and we've had obviously This FDX hack issue now as well or Insider Trading or not not instead of trading But Insider activity Um So we can't be careful enough really if You're interested in getting a hardware Wallet you can follow the links in the Description they lead you to trezor or Ledger I use both Um because I've been I've been using Hardware wallet since I've been in this Space yes it's always a little bit of Additional work but the alternative is That all your funds get let's say stolen Um and you know I'm seriously thinking Of doing much more trading on Decentralized exchanges in the future Um because we can't be careful enough Okay that's my update about Solana hope You liked the update if you did please Hit the like button leave a comment and Subscribe and if you really like the
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