Solana is in a triangle between 2 channels, approaching the Apex! It could break either way!
Solana could be in a wave 4 of 3 retracement which could last two months from when it started on Christmas at noon if it's length can bet determined by the wave 2, which lasted from July 13th 2023, to Sep 11th 2023 (59 days 20 hours) or we could just be in a calm between two storms! Hard to tell, but the risk / reward on this seems reasonable.
To wait for the break, or to not wait for the break? That is the question! You decide!
If Solana breaks up, this could be a likely target using Channels, otherwise if it breaks down, probably another month and a half of downward trend to some larger Fib support ($74 - 0.238 fib and $53 - 0.382 fib)
Entry: ~$100 (around)
Exit: $180 (around the top of channel)
Warning Stop: $90-$92 (Somewhere below the Triangle Bottom, but this could be a fakeout and good entry also)
Hard Stop: $84.50 (Slightly below the Jan 3rd Low from the Dump, it's definitely going down if it crosses this)
Good Luck and God Bless!
Solana could be in a wave 4 of 3 retracement which could last two months from when it started on Christmas at noon if it's length can bet determined by the wave 2, which lasted from July 13th 2023, to Sep 11th 2023 (59 days 20 hours) or we could just be in a calm between two storms! Hard to tell, but the risk / reward on this seems reasonable.
To wait for the break, or to not wait for the break? That is the question! You decide!
If Solana breaks up, this could be a likely target using Channels, otherwise if it breaks down, probably another month and a half of downward trend to some larger Fib support ($74 - 0.238 fib and $53 - 0.382 fib)
Entry: ~$100 (around)
Exit: $180 (around the top of channel)
Warning Stop: $90-$92 (Somewhere below the Triangle Bottom, but this could be a fakeout and good entry also)
Hard Stop: $84.50 (Slightly below the Jan 3rd Low from the Dump, it's definitely going down if it crosses this)
Good Luck and God Bless!
Comment:
I'm leaning towards the downward action happening... Mainly because I think Solana just likes to be tricky and look like its going to break up, or even break up, then dump! So I'm sitting on the sidelines until it becomes more clear...