🚀Today, I want to analyze the Solana(SOL) project, which has grown more than ➕380% in the last 90 days. Does Solana continue to grow, or does it need to Rest❗️❓
🙏Please stay with me.
🌐In terms of Fundamentals and News/Rumors for Solana(SOL), Solana(SOL) is in good position, as:
🔸Collaboration with Amazon.
🔸Launch the Firedancer protocol.
🔸Solana's Total Value Locked (TVL) has grown well.
⚠️Of course, we saw the impact of all the above during these 90 days in the Solana(SOL) project chart.
🏃♂️Regarding Technical Analysis, Solana(SOL) is moving in the Ascending Channel for about a year, and now it is in the 🔴Heavy Resistance zone($80.90-$56.20)🔴 and near the upper line of the ascending channel.
🌊According to the theory of Elliott waves, Solana can be associated with 2-3 scenarios, which means that the grouping of waves with each other can be done in different ways, that Solana's falling wave structure from $260 to $8 was five waves (main wave A), so these rising waves created by Solana can eventually continue until the All-Time High(ATH=$260), and there will be a fall again. In fact, all these waves that have been created in Solana during one year are in the form of the main wave B should be considered.
🌊The point that I can mention about Solana waves is that Solana seems to have completed its impulse wave 5 in the last 3 months soon and needs to be corrected to grow again.
📈Before the conclusion, it is better to take a look at the SOLBTC chart.
💡SOLBTC is moving near the 🔴Resistance zone🔴, and according to Elliott wave theory, it seems to be completing the main wave B with a Zigzag Correction(ABC/5-3-5).
💡From the SOLBTC chart, we can understand that if the cryptocurrency market falls, Solana will probably suffer more than Bitcoin in the future. If the cryptocurrency market grows, Solana will grow less than Bitcoin.
🔔As a result, according to the above explanation, I expect Solana(SOL) to Fail to break the 🔴Heavy Resistance zone($80.90-$56.20)🔴 and probably increase to around $81 at the most and then start to fall to one of the Fibonacci levels or 🟢Support zone($30.50-$25.80)🟢.
❗️⚠️Note⚠️❗️: If the 🔴Heavy Resistance zone($80.90-$56.20)🔴 is broken, I still think that Solana can increase (maximum) up to $260, which of course, can be attractive considering the current price.
❗️⚠️Note⚠️❗️: An important point you should always remember is capital management and lack of greed.
Solana Analyze ( SOLUSDT ), Daily time frame ⏰.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy; this is just my Idea, and I will gladly see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
🙏Please stay with me.
🌐In terms of Fundamentals and News/Rumors for Solana(SOL), Solana(SOL) is in good position, as:
🔸Collaboration with Amazon.
🔸Launch the Firedancer protocol.
🔸Solana's Total Value Locked (TVL) has grown well.
⚠️Of course, we saw the impact of all the above during these 90 days in the Solana(SOL) project chart.
🏃♂️Regarding Technical Analysis, Solana(SOL) is moving in the Ascending Channel for about a year, and now it is in the 🔴Heavy Resistance zone($80.90-$56.20)🔴 and near the upper line of the ascending channel.
🌊According to the theory of Elliott waves, Solana can be associated with 2-3 scenarios, which means that the grouping of waves with each other can be done in different ways, that Solana's falling wave structure from $260 to $8 was five waves (main wave A), so these rising waves created by Solana can eventually continue until the All-Time High(ATH=$260), and there will be a fall again. In fact, all these waves that have been created in Solana during one year are in the form of the main wave B should be considered.
🌊The point that I can mention about Solana waves is that Solana seems to have completed its impulse wave 5 in the last 3 months soon and needs to be corrected to grow again.
📈Before the conclusion, it is better to take a look at the SOLBTC chart.
💡SOLBTC is moving near the 🔴Resistance zone🔴, and according to Elliott wave theory, it seems to be completing the main wave B with a Zigzag Correction(ABC/5-3-5).
💡From the SOLBTC chart, we can understand that if the cryptocurrency market falls, Solana will probably suffer more than Bitcoin in the future. If the cryptocurrency market grows, Solana will grow less than Bitcoin.
🔔As a result, according to the above explanation, I expect Solana(SOL) to Fail to break the 🔴Heavy Resistance zone($80.90-$56.20)🔴 and probably increase to around $81 at the most and then start to fall to one of the Fibonacci levels or 🟢Support zone($30.50-$25.80)🟢.
❗️⚠️Note⚠️❗️: If the 🔴Heavy Resistance zone($80.90-$56.20)🔴 is broken, I still think that Solana can increase (maximum) up to $260, which of course, can be attractive considering the current price.
❗️⚠️Note⚠️❗️: An important point you should always remember is capital management and lack of greed.
Solana Analyze ( SOLUSDT ), Daily time frame ⏰.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy; this is just my Idea, and I will gladly see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Trade active
Comment:
In the 4-hour time frame, if Solana can break the resistance line, we can expect a price increase, but in my opinion, according to Regular Divergence(RD-) and the above analysis, we should expect a fall.
Comment:
The upper line of the ascending channel has resisted Solana well.
