Solana completed five primary waves up, from $22 to $215$, with the fifth primary wave being the extended one. When it is the case, Robert Pretcher says the price tend to correct to the bottom of the second secondary wave (see orange line level). From the peak of $215 to a local bottom of $135, Solana finished a set of secondary impulsive waves inside a dynamic channel (see blue lines). For those less familiar, it means we can count 5 secondary waves down, with the 4th, in the shape of a triangle (see green lines inside the blue lines). Price bounced from 135 to 165 as a counter trend pullback, which is a big bull trap. Now we are looking for a steep plunge of -37.5% from current level. I'm bullish long term on this project but there is heavy downside potential in the short-term.
Comment:
I'm not sure if it will really reach $105. If it doesn't, then it will at least retest the lows of today. Have to monitor the behavior of SOL in the short-term. The direction of the call and the timing is perfect so far however. The amplitude remains to be seen.