Foreign Welcome to another update video about Solana yeah remember what I said in my Last video it didn't look good for Solana and whatever Solana does it Should not drop below the 28.60 level That support box because it did that I Now took off completely the bullish Potential of this chart of course now There's a bounce expected because we are Massively over sowed again Um but by coming down that low We would or we've actually made a new Low below June now so if you remember That was actually my original Anticipation and expectation down here That we would make a new low but then it Started quite strongly broke even above The 3450 level but failed at the 39th uh Dollar level did I say cent no dollar Level failed at the 39 level which was So important Um and it failed to hold the 3450 level As well then broke down it broke even Below the support level and not good Bear in mind Um that this could have been a wave 2 Support but obviously when it was lost Solana came down and actually came down To below 25 now that's good and that's Not good It's good in terms of it has finally Made a new low yeah bear in mind we Always wanted it to make a new low
Because the messy price action here yeah Um this gives it a chance to create a New Foundation from scratch because Whenever you make a new low end you know It's sort of you're sort of in between Two scenarios and the chart has a Message structure then makes a new low That at least gives it a chance to Restart everything to build a new Foundation because this was just a bit Of a let's say a yeah a bit of a rubbish Foundation right we talked about this Move up not being reliable as a possible Wave one Um and I repeatedly stressed my concerns Here with those strong retracements here As well here as well Um But whatever you know it is what it is We've now come down and we finally have A new chance to to restart Um I intentionally did not invest or buy Any Solana or Seoul in the last few Weeks and months uh General members know That I share all my buys and sales there So Lana is just not a very reliable Chart and in the end you can see we're Basically where we were in June so not Much has happened really in the grand Scheme of things unless you trade every Small wave here now we've made a new low That is also on the other hand that's Not so good because Um
You will remember that the 88.7 Fibonacci retracement level of the Larger Solana cycle is at around 30.29 It is not dropped below that level quite Substantially a few times now Um so unless it can recover quickly That's also another sign that's actually Not so good so it's dancing around that Level I think we haven't gone down Significant enough to really say we are Here in in trouble but it's not as dry And it's not a sign of strength Certainly not Um Also this move down here indicates that It might be a third wave which means There might be more coming to the Downside and you know maybe we hit my Original Target for around 19 to 22 Dollars that has always been sort of the Idea that we get into the reason between 19 and 22 dollars because this is Significant support from Summer last Year so let's see if we get there um It is really really difficult to read This also to interpret this I mean there Are various possibilities how this can Be counted from an early wave point of View but I think one straightforward way To do it would just be say this is a Wave one and we've made a wave two here Or even a one two one two setup but I Try to keep it simple one two then we Have a way three down there will be a
Four up and the five down the problem is Due to the length of this wave one if This is the correct wave count we would Come down quite strongly Um Again I can only tell you next key Support around 19 to 22 dollars Um there is no guarantee we will stop There now that we have this wave count Because the wave one is already quite Long so Target would actually be around I mean the one to one ratio would take Us to that twenty dollar twenty one Dollar level that is certainly something But then this would only be the wave Three then there will be a four and a Five Yeah um nothing I will let me say there Is no reason for me to belong here yeah Of course a bounce can be expected now At some point because we have been Massively or we are massively oversold So on the four hour we are now back in The oversold range the last time that Happened we were down here on the 21st Of October and we rallied all the way up To 38 Um This stuff can happen don't you know but This is more like gambling this is not Really like trading based on support and Resistance areas Um because you know any coin can rally At any time in an unpredictable way but
The point is can it sustain that Movement and can it be used for proper Trading a bit like pinball like back and Forth where you buy support you sell it Resistance if you have an unpredictable Coin where you failed all the time in Creating a bullish Um Foundation then this is nothing where I would you know also in terms of short Training it's sort of back and forth Unpredictable kicking the shorts out Kicking the lungs out I always try to find charts which are Reliable right and this one here isn't It's rather pointing for for me to the Downside and I would really go as far to Say that unless we now get above the um Well it's a minimum above this swing High here at around 33 dollars but I Think the 3450 level is still very Relevant so this is the first step we Need to get above but it needs to hold It this time this really here failed Which was already a warning sign Um but it needs to hold a 3450 level to Be again carefully bullish and what it Then needs to do it needs to go finally Above that 39 that will unlock prices All the way up to 30 sorry to 48 US Dollars but for me at the moment the Focus is rather on the downside 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
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