✴️ Solana Weekly | Hope & Dreams: Reality vs Profits!

The last time Solana (SOLUSDT) moved below EMA10 weekly coming out of a multi-year strong high, was back in November 2021.

As soon as Solana broke below EMA10, a major bearish wave ensued...

How are you doing today my fellow Cryptocurrency trader?
I hope you are having a wonderful Saturday.

Is there still hope?
What do we need hope for in this type of scenario?

➖ Trading, technical analysis, losing, winning; none of it have anything to do with hope. The market is either ranging, moving down or up.

Once more, we are back to the chart.

Here we have Solana vs Tether (SOLUSDT) on the weekly timeframe:

➖ Notice the green line on the chart; EMA10.
➖ Notice how during the entire uptrend SOLUSDT traded above this level (September 2023).
➖ Notice how a bearish wave develops each time the action moves below EMA10. For us, breaking and closing below EMA10 on any timeframe activates bearish potential.

It is the first time that Solana will move below EMA10 coming out of a multi-year high —the opening of this post.

➖ The weekly session closes within 32 hours.

👉 The targets for this drop can be seen yellow on the chart or can be found in previous trade ideas, or you can leave a comment with your questions.

👉 Solana is going down after massive growth. This "going down," is not the end, only a normal correction but strong and then sustained growth leading to the 2025 Cryptocurrency market bull-run.

Namaste.

Comment:

A breakdown is now confirmed on the weekly timeframe.

~$60 is the main support for this current move, followed by more depending on how this level is handled once the drop is in.