Disclaimer: TA newbie so NOT FINANCIAL ADVICE (first post)
From the charts we can clearly see the Elliott Wave Theory in play. As of right now, wave 5 is theoretically complete which will be followed by an ABC correction to the downside.
According the the Elliott Wave Theory, wave 5 is at least the length of wave 1 so the current price should be a conservative estimate. I have added extended wave price targets we may possibly hit if we remain inside the trend lines.
As of right now, we should expect at least a 60% pullback to balance out all the overextended indicators. It is crucial for SOL to hold the trend line or possibly consolidate at the current range in order to initiate another leg up, or else we will have a major correction.
Note: A bullish possibility as we enter Q4 and if BTC manage to recover and rally for new ATHS, we can expect another alt season or we break resistance trend completely.
But at the meantime, SOL need some time to cool off.
From the charts we can clearly see the Elliott Wave Theory in play. As of right now, wave 5 is theoretically complete which will be followed by an ABC correction to the downside.
According the the Elliott Wave Theory, wave 5 is at least the length of wave 1 so the current price should be a conservative estimate. I have added extended wave price targets we may possibly hit if we remain inside the trend lines.
As of right now, we should expect at least a 60% pullback to balance out all the overextended indicators. It is crucial for SOL to hold the trend line or possibly consolidate at the current range in order to initiate another leg up, or else we will have a major correction.
Note: A bullish possibility as we enter Q4 and if BTC manage to recover and rally for new ATHS, we can expect another alt season or we break resistance trend completely.
But at the meantime, SOL need some time to cool off.
