Hello ILL readers, I hope you all are doing well. In today’s thread, I am going to share 2 possible scenarios of how Solana might perform in the coming days and weeks. I’ll also share detailed EW chart analysis using wave counts and some crucial levels to keep an eye on.
Things to remember:
As always, primary scenario is in Black and secondary scenario is in Blue.
Both scenarios are equally likely.
While focusing on primary wave count, ignore the blue count and vice versa.
Analysis and trading are different things. Please DYOR before taking any trading/investment decisions.
As per our primary scenario, we marked a significant top in wave III and now we are in wave IV correction. This wave IV correction is unfolding in 3 waves (a), (b), (c). Solana is currently in wave (b) of this higher degree wave IV.
This wave (b) can go up to 78.6% of wave (a) which is at ~$185, after completing this wave (b), price should come down in wave (c), concluding the higher degree wave IV. I have created a doodle in black color to give you guys an idea of how this wave (c) can actually unfold.
Support levels for this wave IV are between $109 - $52, that doesn’t mean it has to go that deep in our support region. Price can just touch the top most support level and can turn around as well. Infact, in my personal opinion, price will not go lower than $72 at 0.382 fib retracement level of the wave III.
After completing this wave IV, price would start its next move to the upside in wave V, reaching a new ATH and above.
Even if the price reverses after touching our top most support level, that would also be a drop of ~40%, which no one is expecting at this stage of the crypto cycle, but can totally happen.
Secondary Scenario:
As per our secondary scenario, prices are actually going up in wave 5. This wave 5 is unfolding in a 3 waves structure (a), (b), (c). Waves (a) and (b) are already over and we are in wave (c) of higher degree wave 5 right now. This wave (c) is further unfolding in 5 waves in i, ii, iii, iv & v in blue.
Solana giving a sustained breakout of the 1$85 level to the upside would be the first indication that this secondary scenario is playing out. After completing these 5 sub waves in higher degree wave 5. Price will retrace down and start a new correction. I’ll discuss more about this scenario, once it gets some more confirmation.
Target levels for the wave (c) of higher degree wave 5 are shown in blue Fibonacci levels, these target levels will also act as resistance for the sub-waves i, ii, iii, iv, v.
Next important target levels (resistances) are at: $185, $200 $223 & $250
That’s all for the Solana Analysis, I hope it helps.
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Solana might crash 50% from here!
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Overview:
Hello ILL readers, I hope you all are doing well. In today’s thread, I am going to share 2 possible scenarios of how Solana might perform in the coming days and weeks. I’ll also share detailed EW chart analysis using wave counts and some crucial levels to keep an eye on.
Things to remember:
As always, primary scenario is in Black and secondary scenario is in Blue.
Both scenarios are equally likely.
While focusing on primary wave count, ignore the blue count and vice versa.
Analysis and trading are different things. Please DYOR before taking any trading/investment decisions.
Tap the image to view a High-Res Image
You can find the live charts at our website web3.ivaavi.xyz
Primary Scenario:
As per our primary scenario, we marked a significant top in wave III and now we are in wave IV correction. This wave IV correction is unfolding in 3 waves (a), (b), (c). Solana is currently in wave (b) of this higher degree wave IV.
This wave (b) can go up to 78.6% of wave (a) which is at ~$185, after completing this wave (b), price should come down in wave (c), concluding the higher degree wave IV. I have created a doodle in black color to give you guys an idea of how this wave (c) can actually unfold.
Support levels for this wave IV are between $109 - $52, that doesn’t mean it has to go that deep in our support region. Price can just touch the top most support level and can turn around as well. Infact, in my personal opinion, price will not go lower than $72 at 0.382 fib retracement level of the wave III.
After completing this wave IV, price would start its next move to the upside in wave V, reaching a new ATH and above.
Even if the price reverses after touching our top most support level, that would also be a drop of ~40%, which no one is expecting at this stage of the crypto cycle, but can totally happen.
Secondary Scenario:
As per our secondary scenario, prices are actually going up in wave 5. This wave 5 is unfolding in a 3 waves structure (a), (b), (c). Waves (a) and (b) are already over and we are in wave (c) of higher degree wave 5 right now. This wave (c) is further unfolding in 5 waves in i, ii, iii, iv & v in blue.
Solana giving a sustained breakout of the 1$85 level to the upside would be the first indication that this secondary scenario is playing out. After completing these 5 sub waves in higher degree wave 5. Price will retrace down and start a new correction. I’ll discuss more about this scenario, once it gets some more confirmation.
Target levels for the wave (c) of higher degree wave 5 are shown in blue Fibonacci levels, these target levels will also act as resistance for the sub-waves i, ii, iii, iv, v.
Next important target levels (resistances) are at: $185, $200 $223 & $250
That’s all for the Solana Analysis, I hope it helps.
Thanks for reading,
Ivaavi