✴️ Solana Update | New High! Now What?

Solana produced a multi-year high late December 2023.
It proceeded to move sideways within a lower high for more than two months and then forged ahead. Solana hit yesterday its highest level since December 2021.

This works in favor of the bears.

This is just a friendly update/reminder to my readers/followers.

While Solana hit a new high, this is always bearish.
Everything that happens now, later, yesterday, tomorrow, today, is bearish.

Low volume is bearish, high volume is bearish, etc.

Unless you joined when prices were low, right now the only possibility is to stay out, watch from the sidelines or short.

Any move works in the bears favors.
➖ If it goes down it is bearish because it is dropping.
➖ If it goes up, it is bearish because it is going up.

Candlestick patterns are great for mapping entries and short-term.
Trading volume is needed to gauge the strength of a move.

Market cycles decides to trend, down or up.

After growing for more than two years, Solana is likely ready to take a break... If not, stay away... There is no point ever, to buy at the top.

Let's wait for the market flush.

There will be great prices, great new opportunities all across.

That's the beautify of the financial markets, it just goes on and on.

If you miss an opportunity, a million new ones will show up...

We had a great start to 2024.

Remember this; We can prepare for weeks but instead it can last for months.

Namaste.

Comment:

To add some context: The reason why either up or down would be considered bearish at this point is because of the market cycle, marketwide action and duration and size of the bullish wave.

With all these factors combined working against the bulls, any action can be considered bearish because we are looking at the top (there is another one!).

Namaste.

Comment:

The week is really young. Here is the weekly chart:

We have really strong bearish action with a 19% decline so far.
This is indicative of the bears jumping in.
It is the first time we get strong bear action since December 2023 and so far the stronger bearish session since June 2023.

We could say that the week is early and confirmation is needed, things can change.
But in truth such strong negative action after a multi-year high at the start of the week is super bearish.
Marketwide correction confirmed!

Prepare accordingly.

Daily chart:

All gains since 15-March have been erased.
The initial top signal came in 5-March.

Love you!

Namaste.

Comment:

➖ Solana is now breaking daily below EMA10.
Closing below EMA10 can push prices toward $138 (EMA50) and $115 (EMA100) within days.

Watch out!

Comment:

Perfect Head & Shoulders pattern confirmed.

This is the 4h timeframe.
This bearish pattern is supported by the RSI turning bearish recently.

Notice that this pattern comes out at the top of a major trend, fulfilling the needed requirement for a major bearish signal.

All the distribution, last jump and final burst is complete. The entire market can easily crash 1-2 levels. Only a few will be saved, only a section will resume to grow while a marketwide correction develops.

Prepare accordingly.
Each chart/trade should be considered separately.

What you do depends on your entry price, targets, stop-loss, goals, strategy, capital, trading style, risk tolerance, market conditions, etc.

Generalizations shouldn't be used for trading but rather to develop a market vision. The market vision can be used to pick which side to trade on and finally the individual charts for accurate levels and timing. Accurate levels and timing for buying and selling.

Wishing you continued profits.
You are your own sun.

Namaste.

Comment:

If you want to short Solana in this correction, I have the numbers ready for you.
This is a long-term leveraged trade; 5X.
All details on the trade idea.

Enjoy.

✴️ Solana 5X SHORT (315% Profits Potential)

Wishing you tons of profits and success.
You deserve the best, always.

Namaste.

Comment:

It is Sunday, the week is about to close... This is Solana on the weekly:

The weekly session is really strong, the present one, and it is also fully bearish.

The bullish wave has perfect shape and proportion.
Notice that each time the market stops, we get a long period of consolidation.

A red week can signal the start of a major correction, we know this because the volume is really strong.

Caution is advised because Solana can enter a correction that can last many months.

It is wise to wait for a new support level to be established before buying again in anticipation of the 2025 bull-run.

It is wise to sell at resistance (high) and buy at support (low).
In short, sell high to buy low.

Namaste.

Comment:

To put it simply, this is a new opportunity to sell.

If you missed selling at the top, the market is giving you a second opportunity. That's just my opinion of course.

➖ The weekly chart is still bearish.
➖ The daily chart is mixed.
➖ 4h bullish.
➖ 1h mix (likely maxed out).

We will give it some time before the next update.
I think after Wednesday things will be much clear.

Comment:

Two days green followed by red:

We have a lower high on the daily timeframe.
We continue with a bearish bias.
Solana is pointing down/lower.

4h Solana moved below EMA10

Notice the low trading volume on the bounce/lower high...

Comment:

The drop is now fully confirmed. Prepare.
Solana, Bitcoin, Ethereum and the rest of the market is about to go down.

We had plenty of time to prepare.
We will have tons of buy opportunities once the new low is in.

Namaste.

Comment:

Solana continues to trade near its multi-year high peak, which is a bearish signal in and off itself.

The distribution phase has been going for a while.
This type of market behaviour can lead to a very strong crash. The longer it takes for the correction to develop after prices peak, the faster the drop when it comes.