Foreign Welcome to another update video about Solana Solana is currently getting Closer and closer here to the low that We made on the 9th of November so yeah It's continuing to suffer Um the there is no guarantee that we've Already bottomed in fact I think we will Make one more low as indicated here in Red in a way five down but the problem That we at the moment have is that the Pullback from the high which was made on The 10th on Thursday here from 1891 this Pullback looks corrective there's a lot Of overlaps especially if we look on the Lower time frames so this does not Necessarily suggest that we come down Straight away and break this support but Overall the trend is down and my primary Expectation we are heading further down But the move up was corrective in three Waves it looks a little bit like Ada the Move down was corrective so I come to The conclusion that this should really Be a w x y wave pattern where we might Move a bit higher here in the fourth Wave Um but also we're coming really really Now close to key support because we have Hit the wave below down here at around 1340 so the thing is if we really break Below that level then I think we're Going to get down and retest the 1240 Level that is the low from the 9th of
November and then most likely gonna Break it the point is that we've now Dropped substantially below the 1376 Level that is below the 78.6 flip level That is not a sign of strength it's in Fact the sign of weakness we did not Hold this next support would be 13.12 That's sort of really the last exit here For the Bulls and if they miss that then We're going to retest here the 1240 Level and most likely break it because Double double bottoms often don't work Out they can do but they often don't Work out because pulling back 100 right Or retracing 100 is not a sign of Strength so if we move up from here and We should really do it now if we don't Do it now then We're going to come down and make lower Lows so there is really this short-term Upside potential but at the moment we Don't really see the evidence yet Um however however we have obviously Made new lows here but we see a bullish Divergence on the one hour chart on the Four hour chart you also do we have a Bullish Divergence here and we don't Really see that here on the four hour But on the one hour you do see it Um And the the point really I try to make Is that we are at the at the key Decision point with a pivot point Inflection point and it really needs to
Move up from here so there's a long Trade opportunity I'm not telling you to do it and I Personally won't do it it is high risk Especially with Solana at the moment we Don't really know that you know the Contagion is still spreading there's so Much we don't know yet about FTX and Solana and the ties and everything Um but it really needs to move up now or It will go down straight away that's Sort of I'm convinced about that Um And yeah ideally this is just a w x y And then in the Y wave I can give you a Target as well based on the assumption That we have now bottomed there or maybe Come down a little bit lower but Um the key Target with the first Target Would be the one to one ratio that's at 1951 and the second target if we break Above that would be 23.46 really only if We get above that level I would consider Something more bullish And um if I draw it a different way like A Fibonacci retracements from the low Then it is the level of 25.70 roughly That we should not break if we break That level then I have to consider Something more bullish and would assume That a low has been made until we really Get above that level I have to focus Further on the downside and there's a Couple ways how we could get there
Really or a few ways but Um the point is that with Solana I'd be Extremely careful at the moment Um of course you can be lucky you know But there's just so much we don't know And there's better better charts out There and for me the trend is still down And we have key support at around ten Dollars and five dollars but that's it And if we go below five dollars then we Get something deep into trouble here With Solana okay and that's my update About Solana 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