The Ascending channel was broken & retested 1st time with a strong downward move for the 123 Bottom.
Chart reclaimed that gap but as seen on the chart, it was rejected from the lower border of the same channel. The rejection is not strong as in the 1st retest of NOV 30, at least for now, indicating a potential continuation of the upward trend.
We have 3 Support zones where Solana can use to push to the 150 mark at least.
The FVG can play in favor of a downward trend breaching all the 3 Support zones and reaching a 1st target of 118.
Regarding Elliott waves, we are potentially in the corrective leg C. it has already extended to Fibonacci 1, but it can extend further. If extended, the next logical target is 158 which coincides with 1.414 Fib while meeting a very strong Resistance zone; the Bottom of 2 AUG 25.
It is too early to assume this leg as a Bullish trend, so I still favor a Downward move to much lower support zones after this upward "corrective" leg reaches its target.
Safe Trade.
Chart reclaimed that gap but as seen on the chart, it was rejected from the lower border of the same channel. The rejection is not strong as in the 1st retest of NOV 30, at least for now, indicating a potential continuation of the upward trend.
We have 3 Support zones where Solana can use to push to the 150 mark at least.
The FVG can play in favor of a downward trend breaching all the 3 Support zones and reaching a 1st target of 118.
Regarding Elliott waves, we are potentially in the corrective leg C. it has already extended to Fibonacci 1, but it can extend further. If extended, the next logical target is 158 which coincides with 1.414 Fib while meeting a very strong Resistance zone; the Bottom of 2 AUG 25.
It is too early to assume this leg as a Bullish trend, so I still favor a Downward move to much lower support zones after this upward "corrective" leg reaches its target.
Safe Trade.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.