SOL is breaking down from this multi-year trendline which has 4 solid touch points. It's difficult to say how low it will go, worst case is probably around $20, but there are definitely other paths it could take as well.
Without forecasting the exact future price, I will say that probabilities are favoring a continuation of the downtrend which began in January after Trump launched his memecoin on Solana.
After we see how fast and far this drops, we can probably get a better idea of what is developing here. Right now, it looks like wave-B ended in January, and we are in a very large wave-C now, but there are some other possibilities as well. The wave-B possibility is closest to the middle so that's the one I am favoring now.
Without forecasting the exact future price, I will say that probabilities are favoring a continuation of the downtrend which began in January after Trump launched his memecoin on Solana.
After we see how fast and far this drops, we can probably get a better idea of what is developing here. Right now, it looks like wave-B ended in January, and we are in a very large wave-C now, but there are some other possibilities as well. The wave-B possibility is closest to the middle so that's the one I am favoring now.
Note
Potential short-term bottom has formed here based on this zigzag/wiseman/bullish divergence combo. It's hard to say how high this could bounce but its best to take profit on shorts until we have new information.
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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.
Find me on x.com/intuit_trading
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.