Solana has been battered and abused for a couple months now, thanks to SBF and his cronies, however there's somebody that seems to really like Solana and it's making me think twice about being super bearish on it.
There is something that Vitalik said in his tweet that rings true. "Opportunistic money people have been washed" - consider this, forced liquidation of assets on a mass scale. This is surprisingly healthy for any market.
Bitcoin, for example, has seen mass capitulation numerous times in its history and it has been fine. 2023 may be a decent year for Solana as this impulse finishes. The question is whether this is the beginning of a larger corrective wave or if this is starting a new impulse. I vote for the larger corrective wave. There's still plenty of holders that are waiting to sell closer to $30-40 and even higher than that.
There's a lot of overhead resistance to chew through, but if there's any altcoin that I think might have a bright future, it has to be solana since everybody is so bearish on it.
Disclaimer - I do not hold SOL. I may purchase if it gets above $15 in 2023. Thats a key level for me.
There is something that Vitalik said in his tweet that rings true. "Opportunistic money people have been washed" - consider this, forced liquidation of assets on a mass scale. This is surprisingly healthy for any market.
Bitcoin, for example, has seen mass capitulation numerous times in its history and it has been fine. 2023 may be a decent year for Solana as this impulse finishes. The question is whether this is the beginning of a larger corrective wave or if this is starting a new impulse. I vote for the larger corrective wave. There's still plenty of holders that are waiting to sell closer to $30-40 and even higher than that.
There's a lot of overhead resistance to chew through, but if there's any altcoin that I think might have a bright future, it has to be solana since everybody is so bearish on it.
Disclaimer - I do not hold SOL. I may purchase if it gets above $15 in 2023. Thats a key level for me.
Trade active:
SOL $15 reached. Did not retrace as much so it extended past $15.
Now wait for a pullback to get that wave C
Now wait for a pullback to get that wave C