SOL UPdateSOL - after hitting previous Res. and break it on closing basis, we're heading to 155
Good Luck
SOLUSD.P trade ideas
The time for the growth of cryptocurrencies is nearGreetings,
Dear friends, I hope you are well and have had a week filled with successful and profitable transactions.
My analysis text:
"Cryptocurrencies and the Solana market are in the third wave, and of course, we witnessed very good growth.
But currently, the fourth wave can be a zigzag pattern and it is not yet completed. It is expected to go below wave A once again, and then we will see the price action by the impulse pattern.
Although the index of cryptocurrencies, in my opinion, if Bitcoin grows in its current market, then we are likely to see Solana grow, of course, this is in the second interest."
Note: I am a new analyst in the world of wave principles with three years of experience, and I am developing an analytical idea. There is no 100% certainty in financial markets due to the complexity of various patterns that can change. However, I do my best to back up any analysis I share with you guys with everything I've learned so far.
A brief explanation of the three fundamental laws of the wave principle:
1. The second wave should never go beyond the beginning of the first wave.
2. The third wave should never be the shortest wave between waves 1, 3, and 5.
3. The fourth wave must never enter the territory of the first wave.
Ralph Nelson Elliott was the founder of this theory, and when asked about his view of the market, he always referred to five waves in the direction of a larger trend and three waves against the direction it was taking. After completing an eight-wave cycle, a larger cycle is formed in the future. It's as simple as that.
May his memory be cherished, and may his soul rest in the shelter of God Almighty and the eternal world.
I am attaching the analysis of this market that I shared with you earlier to this current analysis.
The last word of my analysis text is repetitive, except for the explanation of the current analysis, because I also trade in the financial markets and am active in my social networks, working hard to improve my skills in analysis and trading to reach my goal.
I apologize for repeating the text.
I welcome suggestions and criticisms, and I will certainly respond, but a logical reason is important to me.
Thank you for taking the time to review my analysis, and thank you all.
To all my dear friends and colleagues, first of all, I wish you health and success in your goals.
Mehdi Abbasi with the nickname (Mr. Nobody)
Solana (SOL/USD) can quadruple before 2025A possible quadrupling of Solana (SOL/USD) in just the next six months may sound extreme, but we don't have to go back any further than the fall of 2023 when SOL/USD rose from below USD 20.00 to USD 120.00 during around four months. That means a sixfold increase in four months. Now Solana can face another sharp rise and perhaps a quadrupling in just the next six months or so. Read more about this in the technical analysis below about Solana (SOL/USD).
Technical Analysis of Solana (SOL/USD):
Solana (SOL/USD) is now showing a very exciting technical picture, which signals that Solana (SOL/USD) may have potential up to around USD 400.00 - 800.00 if it breaks out of the ongoing consolidation within a symmetrical triangle formation.
SOL/USD finds significant technical support around USD 118.00, and as mentioned is moving within a larger symmetrical triangle consolidation formation.
An established break above USD 180.00 for SOL/USD will trigger a strong technical buy signal for Solana, and then a further rise up to between USD 400.00 and 800.00 will be signaled in the medium term (3-6 months).
Various momentum indicators such as RSI and MACD are now signaling further upswing for SOL/USD in the short term, and there may thus be a break from this consolidation formation in the coming weeks.
What could trigger negative technical signals for SOL/USD would be if there were to be an established break below the now very important technical support level around USD 118.00.
Solana thus now finds significant technical support around the USD 118.00 level and also finds significant technical support now around the 200-day moving average.
The overall technical picture for Solana (SOL/USD) is very exciting and worth watching going forward, should there be an established break above the USD 180.00 level and up from this consolidation formation.
Yes, then a strong technical buy signal will be triggered which will indicate a further rise within the rising trend, to around USD 400.00 - 800.00 in the 3-6 month term.
So well worth keeping a close eye on here at Solana (SOL/USD) and the development over the next few days and weeks here, which can provide important technical signals for the further development going forward.
SOL/USD 1-Day Chart - Unclear Direction with Bullish and BearishThe SOL/USD 1-day chart presents a complex technical picture, with both bullish and bearish signals vying for dominance. Let's delve deeper into the observed patterns:
Possible Bullish Pennant Transformation:
The analysis suggests the chart might be exhibiting a tight bullish pennant pattern. This pattern typically forms after a strong uptrend and indicates a potential continuation of the uptrend. However, it's crucial to note that the pennant seems to be morphing into a descending triangle.
Descending Triangle - A Bearish Signal:
Descending triangles are generally considered bearish continuation patterns. They form when resistance levels trend downward, and support levels trend slightly upward, creating a triangle shape. A confirmed breakdown below the support level of the triangle signals a potential downside move.
Zone of Indecision:
The current price action suggests a zone of indecision between bulls and bears. The price is hovering near the $173 support level, making it a critical zone to watch.
Potential Breakout Scenarios:
Downside Breakout: If the price breaks below the $173 support level and a daily candle closes below this level, it could signal a bearish breakout from the potential descending triangle. This breakdown could lead to lower targets in the $130s or even lower.
Upside Breakout: Conversely, if the price rallies and closes above $202, it could signify a bullish breakout from the pennant formation. This breakout could propel the price towards higher targets potentially exceeding $300.
Important Considerations for Further Analysis:
Confirmation is Key: Both the potential bullish pennant breakout and the bearish descending triangle breakout need confirmation with volume and price action. Higher volume on a breakout strengthens its validity.
Volume Analysis: Monitor trading volume. Higher volume on a breakout strengthens its legitimacy, while lower volume suggests a weaker breakout that might be susceptible to reversal.
Technical Indicators: Consider incorporating technical indicators like RSI (Relative Strength Index) or MACD (Moving Average Convergence Divergence) to gauge momentum and potential overbought/oversold conditions. These indicators can help identify potential entry or exit points during a breakout.
Fundamental News and Events: Stay informed about relevant news or events impacting Solana's price. Developments within the Solana ecosystem or broader market trends can influence the price movement.
SOL to retest $85-$100 areaFib confluence. Trendlines. Double-top. Fib timezones give us September.
Get read.
September: SOL will go to $85
SOL - A Top Tier Coin Warming UpMany altcoins warming up now and although their are many top tier sleeping dogs; SOL is not one of them, pushing on up here.
SOL is still only just above the previous high and may yet see a pull back before full breaking out, but its starting to look like the next wave up is underway as we looked at before.
Weekly RSI is now pushing into the top quadrant and this should be a big clue that momentum is firmly to the upside.
Such a complex correction but in the end it appears that it was just a 3 wave correction before a bullish impulsive wave.
A series of resistance shakeouts pushing through the yellow 50 week moving average before eventually pushing up and above; finding support and re-testing the 50MA as described in the weekend video.
So SOL is looking in great shape here and can be a good top tier coin to continue to average in on any small pull backs.
Those sub $20 buys are looking good now 🙂.
Not advice.
Sol: difficult situationI see head and shoulders pattern. Also see a potentially failed bounce attempt from the neckline. If the horizontal trendline breaks, it might be a slide ride down to sub $100....but that might not be such a bad thing. If price break above the previous High, then the pattern might get invalidated. Right now, quite a battle going on!
VanEck Seeks First-Mover Advantage with Solana ETF FilingVanEck, a leading innovator in the exchange-traded fund (ETF) space, has made a strategic move to capitalize on the growing popularity of Solana by filing an application with the Securities and Exchange Commission (SEC) to launch the first-ever Solana ETF in the United States. This filing, announced on June 27 via the X platform, signifies VanEck's commitment to expanding its cryptocurrency investment offerings and reflects the company's belief in the potential of the Solana blockchain.
The proposed ETF, named the VanEck Solana Trust, aims to directly track the price performance of Solana (SOL), a prominent cryptocurrency known for its high transaction speed and scalability. According to the preliminary prospectus filed with the SEC, the Trust will achieve this by directly holding SOL tokens in its reserves. These tokens will then back the shares issued by the VanEck Solana Trust, essentially offering investors indirect exposure to Solana's price movements.
The listing venue for the VanEck Solana Trust is planned to be the Cboe BZX Exchange, a prominent platform for trading exchange-traded products. This selection indicates VanEck's intention to provide investors with a familiar and well-established marketplace for accessing Solana exposure through a traditional ETF structure.
This filing by VanEck holds significant implications for both the company and the broader cryptocurrency market. Here's a closer look at the potential impact:
For VanEck:
• First-Mover Advantage: By positioning itself as the first applicant for a Solana ETF in the US, VanEck has the potential to capture a significant share of the market if the SEC approves the filing. This could attract investors seeking convenient and regulated exposure to Solana without the complexities of directly acquiring and managing cryptocurrency tokens.
• Diversification of Crypto Offerings: The VanEck Solana Trust filing represents the company's continued expansion into the cryptocurrency asset class. With existing offerings like the VanEck Bitcoin Strategy ETF (VBIO) already in the market, VanEck demonstrates its commitment to providing investors with a range of options for participating in the digital asset space.
For the Crypto Market:
• Increased Investor Adoption: A SEC-approved Solana ETF could significantly increase mainstream investor adoption of Solana. ETFs offer a familiar, regulated investment vehicle, potentially attracting those hesitant to directly engage with cryptocurrency exchanges. This broader investor base could bring increased liquidity and stability to the Solana market.
• Validation of Solana: The SEC's potential approval of the VanEck Solana Trust would serve as a significant validation of the Solana blockchain's technology and its potential for real-world applications. This recognition from a traditional financial institution could further bolster confidence in the Solana ecosystem.
However, it's important to acknowledge some key considerations:
• Regulatory Hurdles: The SEC has historically taken a cautious approach towards approving cryptocurrency ETFs. The VanEck Solana Trust will need to meet the SEC's stringent regulatory requirements before it can be launched. The approval process could be lengthy and uncertain.
• Market Volatility: The cryptocurrency market remains highly volatile. Investors considering the VanEck Solana Trust should be prepared for significant price fluctuations in the underlying SOL token, which will directly impact the value of their ETF shares.
In conclusion, VanEck's application for the first US-based Solana ETF marks a significant development for both the company and the cryptocurrency market. If approved, the VanEck Solana Trust could pave the way for wider investor adoption of Solana and further validate the potential of this innovative blockchain technology. However, investors should be aware of the regulatory hurdles and inherent price volatility associated with cryptocurrency investments.
SOLANA PUSH UPSolana buy opportunity
Chart set: Follow chart
Take Profits & Risk on Chart
Spot or Leverage
Small Inverse H & SLook for Solana to retest this downward trendline
after this small Inverse H & S plays out. Resistance
will be pretty strong and I expect Solana to have more
downside unless we BREAK back above this trend line
Happy Trading!
A cup and handle?Been watching this pattern form for a while. While the C&H breaks down on the weekly - is it holding on the monthly?
A possible bug ?Sorry for the somewhat long winded video, I just thought that it's way easier to show the problem than to deal with TradingView support, that just answered that my script compiles perfectly. Not very helpful.
The video is not long if anyone has any idea, let me know. I changed browsers, downloaded the standalone app same thing.
Thanks
Lesson for Bears Solana is here to stay and here to thrive. In the volatile within the volatile crypto world nothing a certain, of course, but this cycle this particular chain will not be stopped. There are simply too much innovation that is impacting the entire industry In and beyond crypto. SOL rose from the depths to become #3 chain this cycle and it is not done. Foolish to predict it will go down beyond normal market corrections. This Doesn’t happen out of the blue point beyond a black swan event. We have a steady rise in store that could take us far beyond.ATH. When you ask? When global liquidity comes to 3-10 trillion It is a safe bet that SOL Will benefit and rise significantly. The rise of SOL Benefits all chains. There are applications like wormhole and and others that Facilitate bridges in and out of SOL. Finally, I’ve said this before, but SOL moves fast when it finally moves. It throws hard sharp long GOD candles when it decides to move in either direction that usually signify entire market moves. None of this is financially advice just my abs observations as an investor. Good luck!
SOLANA BULLISH MOMENTUM!! GOING UP TO $200-$240Solana Bullish Momentum!
On June 27, 2024, Solana is showing some strong bullish momentum, with a potential price target between $200-$240. The formation of a butterfly chart pattern suggests this upward movement. This pattern, often seen as a sign of a price reversal or new trend, indicates that Solana might see a significant rise before any correction happens.
Increased trading volume and confirmation from other technical indicators like RSI and MACD add to this bullish outlook. Additionally, support and resistance levels suggest that Solana has room to move up before hitting overbought territory.
This is definitely something to watch closely, as Solana's movements in the near future could lead to major changes in the crypto market. Don’t miss out on this opportunity!
#Solana #Crypto #Bullish #ButterflyPattern #TechnicalAnalysis #MarketAnalysis #CryptoTrading
SOLANA - Top In Place! Down We Go...In our last analysis, we shared an unpopular opinion where we forecasted Solana to move down towards the $10 region.
We appear as if we've made the top and looking for further downside. The overall pattern we're seeing is a 535 Zigzag correction.
We had our confirmation to sell as the break of the red trendline, which we used to signalise the end of wave B and the start of wave C.
We're keeping invalidation levels for the bearish scenario above 210.
We'll be looking for further shorting opportunities. We'll be sure to update when we see another entry point!
Goodluck and as always, trade safe!
SOLSol deviated below mid of the whole move, and now continuing to close above mid.
If can simply continue closing above mid, I suspect this will hold as the bottom.
Knock Three Times.....Solana chart is looking very nice. Currently the 1 hr is above the 200 and 50 MA and those are about to cross. Very Bullish! After the 123.00 support held strong in the face of strong bear attacks, Sol started climbing fast and now has breached 139 and 138 3 times hopefully signaling a push into the 140s 150s regions. Solana chain has been releasing a flurry of new developments which are nothing short of revolutionary for ALL CRYPTO - ZK compression that makes it way way cheaper to use SOL on a large scale + Actions and Blinks SOL and Partners innovation that makes it immediately possible to initiate SEND SOL transactions and other SOL commands from anywhere. This is a HUGE catalyst and more SOLANA innovation news is coming tomorrow and this week! No financial advice here just pointing out some of what I am paying attention to. Happy healthy trading!
Solana - TWO Bearish IndicationsSolana has lost a longstanding trendline that acted as support since October 2023. The price has been unable to bounce back, and we're seeing a steep decline as bears are outweighing buyers:
A Technical Indicator (which I use mainly to determine trend swings from a macro perspective) has just flashed SELL in the weekly timeframe. Now based on previous instances, this took us MUCH lower. These alerts happen in real time when a certain conglomeration of parameters are met (based on Strength, Trend, Averages, Real Time) and so naturally, the higher the timeframe the better the result:
The only way we will be safeguarded against a steep incoming drop, is if the price can reclaim the green trendline in the Weekly Timeframe. From a candlestick analysis perspective, seeing Three White Soldiers in the daily could be a step in the right direction ( which is UP ).
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COINBASE:SOLUSD
Bear Case...Plotting what I think may be the corrective bear targets - Structure wise it's difficult to say a bottom is currently in after retracing so much of our previous leg - hence why my bias has shifted thinking we have not finished correcting.
SOL: Bottom could be in Solana's price action could become very interesting if we have a daily close at or around $140. This could catapult price in the high 170s, provided that the market remains supportive. Be constructive here.
SOL analysisI'm entering a long position, as the price bounced from the lower line of the channel and I'm expecting at least a touch up of the upper line from the channel.
DYOR and stay safe
solusd buyLots of liquidity has been taken from the downside and now were looking at a new bullish direction, there was a breakout to the upside through the resistance line at 128.85 which tells me there is a new trend forming and that there is strong bullish pressure. We also have 2 to 3 ascending triangles, a new bullish trend, and bullish market strucutre. We also have a nice reaction from the demand zone 128.52, indicators also signal a bullish direction. in conclusion the market is showing bullish behavior and is a very profitable trade.
