Solana - A close eye on this one 01.02.2023
Dear subscribers, before we start with today’s analysis on Solana, we would like to thank everyone who read and commented on our last big article “Solana – Per aspera ad astra!”.
We are very excited that so many people are interested in Solana and because of this we will start to cover it on a weekly basis on here. Currently, we hold Solana too and will continue to accumulate further positions in our marked blue box, however I would like to point out that Solana will nevertheless be a risky investment in the upcoming bull market.
In or last update we estimated that the price may have found it’s top at around 25$, since then the price managed to push higher and nearly reached 27$. We count this movement as a wave (b) and choose to keep the high of wave (i) at 25$. This may be confusing, but multiple aspects convince me that the wave movements since the 15th of January are all a corrective pattern. Especially the yellow (c) wave resembles a three-wave movement, I always want to encourage more experienced traders on here to research these movements themselves! Just set your chart timeframe to 30 min or lower and really dive into microcounting these movements, you would be surprised how effective this can be sometimes!
Furthermore, as marked on the chart, we expect that Solana will continue to lose momentum and decline in the next days. Our most important levels range from 16.48$ - 11.58$, it’s very likely that the price will reach this area and from then the whole market should gain momentum again for a massive wave (iii) rally. The exact target for this wave (iii) can be defined as soon as we establish a wave (ii) bottom here, of course this will take some time, and we will update everyone about this.
For everyone who missed our last analysis, the macro count can be seen on the chart below, and we will update the wave movements if needed. Every investor who is observing this coin should keep the highlighted level @ 48.34$ in mind, if Solana breaks above this the bull run is officially back!
Please note that we are already invested in Solana since the 20h of June, back then we announced our first positions here on tradingview.
If you should have any questions whatsoever, you can write a comment or contact me directly!
Long Solana (SOLUSD)
AVERAGE EXECUTION PRICE: 29.80$
LONGERM Target: +445$