Foreign Welcome to another update video about Um Solana well Solana has dropped even Further since my last video that makes The view that this year to the upside is Still gonna happen less likely however We see a strong green candle at the Moment that I am skeptical about Um The View was further downside Potential for Solana yes In the fifth wave because this looked Like a corrective move up the problem is And was this Is a corrective move down so you would Naturally expect one more wave up before You come down It could still happen however it is Completely distorted what a mess because Um Let me just um change to ABC because This is basically the same count as on The Ada chart now where we had three Waves up in a wave a Coming down in three ways basically all Of this is a three-way structure in a b Wave and we could still I mean we still Have a chance to move up in a c wave This would be all within the context of An expanded flat all running flat Um which is allowed if the a wave is a Three wave move this is a three wave Move then the c-wave would be a five Wave move but it would need to follow Through
Um the fact that it has dropped below The previous low Here Um makes that amount a bit more Difficult and obviously less likely Because we have made a new low but this Is possible you know B waves can make New lows still follow through to the Upside but it is a complete mess and I Wouldn't trust this chart at the moment As I said generally I'm still looking at Further downside for Solana It doesn't really matter if we see a Little bit upside or not I mean if you Want to trade this long really I mean I I don't because it is basically gambling To a degree with Solana at the moment I Think we don't really know what else is Coming up Um How many more bad news are coming up Um But yeah I mean we see a green candle We've seen it on bitcoin and ethereum They are not too convincing yet it's Just one green Candle on the hourly but We need to see if the price is now Following through and I can give you a Target for the C wave now and we take For that the length of the a wave we add It to the low of the B wave And then we get well look the 1847 Target isn't even very likely but we Need to keep an eye on it because the
Previous High anyway so that would sort Of be the first Target if it continues To follow through here and the second Target would be the 1.618 extension at 22.41 that would all be within the scope Of a fourth wave All of it yeah there isn't even a clear Trend line I can draw here on the chart That was different with Um With Ada I can draw a clear trend line I Mean you might you might want to but That's very exotic here you can try to Connect these and then you actually have Your three touch points so maybe there's Something to look at if that breaks that Could be a really decent signal that we Are hitting higher here Into the regions I just indicated Um but overall I'm skeptical if this Move down is already over Um Then we can take a look at the Retracements yeah because if we draw the Fips like that as retracements then very Meaningful is here this 23.6 flip level That is the 18.60 level that is Basically the high and the target of That one to one ratio with a same length As wave C so it will be an interesting Resistance point and then the 38.2 Percent flip level would probably also Be Um a decent Target that is at 22.50
And it could even go higher But if it goes above 2560 2570 the 50 Flip leather then it's just very Unlikely that it's still a way for so This is very early here to really Confirm this is a proper reversal in the Wave c Um it's looking like that it's an Engulfing green candle but it really Literally just happened on the one hour Chart yes it's it's closed now the hour Has closed just now Um but we haven't really broken out as You can see this was just a green candle At the moment it was just making a Higher a lower high So it's worth observing it now Um but it's not worth getting all hyped About it because eventually also for Solana Much more would need to happen to Confirm a really decent bottom in place For me this is not really Um confirmation of a bottom I mean you Could call it a double bottom but in the End they often don't work out right they Can but they often don't because this is Just a sign of weakness to go below the Previous low or even just holding that Low but let's see Um this is certainly an interesting Development but can't really Confirmed too much about it until we see Further um
Further price action so if that trend Line breaks it would certainly increase The chances of moving higher here in a c Wave and first Target would be around That 1840 to 1860 range and if that breaks we Can go one step higher to around 20 to 40. Okay let's 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 Content then please check out the Channel membership thanks a lot for Watching bye Thank you