SOL/USDT: Last drop expected before recovery

---- Mid-term Analysis for the next coming 4 weeks to 3 months - Daily on Daily Chart (LOG)-------

SOL/USDT: Last drop expected before recovery

Context
The Global Crypto market leads by BTC and ETH is still evolving within a bearish market configuration. Like the others digital asset DENT is suffering about negative global market situation which should be ended once the crypto market gonna start the bullish reversal


Market configuration

- Graphical Elements :
Graphical Resistance = 59 & 99
Graphical Support = 29,50

- Mathematical Indicators:
EMA ( Exp Moving averages) are capping the market = Bearish
RSI indicator (below) is below 50% but a divergence is on going = Neutral to bullish

- Elliot & Harmonic Wave (Fibonacci):
Fibonacci Target c B hasn't been already reached = 29,50
Fibonacci resistance of the wave in progress = 59
Fibonacci support of the wave c B (max extension) = 16,20
Fibonacci Bullish Target = 99 & 165,50


Conclusion

Preferred case => As long as 59 remains a Tactical key resistance SOL is expected to draw a lat down leg towards 29,50 area before engaging a bullish reversal above the strategic support at 16,20

Alternative case => In case of 59 resistance breakout, the bearish trend will be invalidated opening the door to 99 & 165,50

Trade closed: target reached:

Solana reached the downside target at 29,50 before reversing up as expected. A new analysis is coming soon