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!
WW
2-day BTC pair
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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.
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Surprised to see the $40 support fail on the 2-day. That almost seals the fate for $5.
With the SOL hot wallet hacks happening today it would not surprise me if a flood of tokens were sent to exchanges.
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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.
Ww
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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.
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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.
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Perhaps the target will be hit sooner than late!
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Almost at target. Don't be in a rush to buy this dip, I doubt the project will recover.
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Getting closer.
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take profits from 21
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As expected per last comment $20+ price action was expected. It is time to take those profits before downtrend continues.
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A lot of folks asking me if this target remains in play. For the moment, a fat YES.
But you’re all asking the wrong question. In July of 2020 the market cap of Solana was 15m dollars. You read that correct. No one was talking it. Indeed it made far more sense to follow the developers rather than the price action at this time. That was the big give away. This is also true for ADA.
The big question you should be asking, who is building on those networks? If you look you will find. Those are the places you should be focusing on. Where the developers are moving too, the evidence is there.. here is one and several others all making similar charts. .
Metaplex (MPLX) 42m market cap “Launch and scale your NFT projects on Solana”
5-day chart,
CFX beforehand on 5-day
Can you find the others?
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Now that black resistance trend line was drawn some months ago. Is it a coincidence price action rejects from resistance or was it the news? You decide.
Wait for <$5
2-week
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GRM support confirmed.
This will likely see a move to the 50 dollar area.
This move does not invalidate the overall idea. For that, positive broken market structure is required.
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GRM support failed some weeks ago. Downtrend continues to target if support at 15 dollars fails.
Ready for the FTX dump?,
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Back down to 20
Trade closed: target reached
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$54 to $8, a few dollars short of the $5 target.
Where to next.. you wouldn't believe it if I told you.
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Would you believe you if I told where price action will now go? No one would have on the last update anymore than they would this update is my guess.
P's notice the orange circles on the regime filter, currently set for both USD and BTC pairs.
@bL1TZZ, Thank you! "A brave post" that's what you said here @ $4300 Etheruem short idea ;)
Bulls make money, bears make money, pigs get slaughtered.
bL1TZZ
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@without_worries, I most certainly did! I never doubted you though, unlike the XRP ETH THETA & ADA Moonboys. Thank you for being an amazing educator / mentor.