Solana to $5

On the above 2-day chart price action has rallied 23000% in the last 18 months since the buy signal. Yes 1 Bitcoin becomes 90 Bitcoin . Amazing. A number of reasons now exist to be short, including:

1) The ‘incredible sell’ signal around $200. I recall seeing it but never published before now.

2) Broken market structure.

3) Everything said above is also true for the BTC pair (below). Therefore, no, Bitcoin does not need to crash to $3k for Solana to drop to $5k.

4) The number of trading view ideas that are long is well over 90%. Sigh.

5) Why $5? That’s for me to know. Let’s just say it was the same approach that allowed me to call ADA to 80 cents from $3 and ADA to 50 cents from $1.30.

Is it possible price action starts a new uptrend? For sure.

Is it probable? What after a 23000% rally? A big fat no. Yes it might 2x from current levels but it's printing lower highs, it is in downtrend.

Start your short positions from market structure @ $80 to $90 area. Trade if void if price action breaks the last high @ $130 and prints support.

Good luck!


2-day BTC pair
The month of June for Solana should look like something below. Yes, I'm aware the network has been switched off. What kind of blokchain is this?! Not one you want to hold to $5 that's what.

Surprised to see the $40 support fail on the 2-day. That almost seals the fate for $5.

Trade active:
Price action approaching market structure resistance.

With the SOL hot wallet hacks happening today it would not surprise me if a flood of tokens were sent to exchanges.

Trade active:
A lot of folks asking if this idea is still valid. Short answer, yes.

As ever, show me the charts and I’ll tell you the news. The news is:

>> Lower highs / lower lows in both price action and RSI.

>> Price action is threatening to break market structure… again! If the $28 area fails price action will fall straight to $16, And when $16 fails the idea target will be hit.


Bonfida (FIDA)

PS: If you’re an unshakable Solana fan who cannot possibly stomach the idea of giving up the precious tokens, then consider this.. consider exposure to those chains operating on/with Solana. This is the weekly chart of Bonfida, there’s been a huge amount of volume quietly accumulating during this downturn. Someone knows something I don’t. The same is also true with Cardano, everyone is super bullish on ADA whilst ignoring the chains operating on the network. That’s where the game is folks.

Trade active:
There goes the 2nd break of market structure. Price action has until the end of the month to get back above $28. However I think we know who is selling, someone who desperately needs the cash, I wonder who it could be? ;-)

If the 2nd break of market structure is not recovered then there's nothing to stop price action falling until $5. Look left.

Perhaps the target will be hit sooner than late!
Trade active:
Almost at target. Don't be in a rush to buy this dip, I doubt the project will recover.
Trade active:
Getting closer.
take profits from 21
As expected per last comment $20+ price action was expected. It is time to take those profits before downtrend continues.



Allow 3-6 months on ideas. Not investment advice. DYOR

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.