Does $SOL Wanna Go To 2.618 Technical Target Again?! 🤔
Hi guys,
As you can see on the chart, I checked Solana's FIB Channel in the previous two bullish cycles, interestingly the final target in each cycle was at the 2.618 Fibonacci level. Also, the final high in each cycle was only slightly different from the measured FIB level. Based on this, I drew a FIB Channel for Solana's third bullish cycle, which shows a technical target of $496.27 at the Fibonacci level of 2.618. Obviously, to reach this target,
SOL
needs the help of
BTC
to continue the uptrend.
Therefore, if Bitcoin's uptrend continues and
BTC
climbs above the $50,000 level, we can expect Solana's amazing uptrend to continue and not only repeat the previous ATH, but
SOL
will reach a new ATH. But if the uptrend of Bitcoin stops at the resistance level of $47,000 and
BTC
falls below $40,000, Solana's technical target will be invalidated at the Fibonacci level of 2.618 in the third cycle.
Also, Solana's RSI is now at 89, which is close to Solana's ATH range at 97, which is a serious warning for users to save profits and avoid greed.
Obviously this is not a financial advice & remember to do your own research.
Please "Like" & "Follow" if you want to see more of these ideas.
Wish you all a Merry Christmas 🌲🎅
Goodluck
As you can see on the chart, I checked Solana's FIB Channel in the previous two bullish cycles, interestingly the final target in each cycle was at the 2.618 Fibonacci level. Also, the final high in each cycle was only slightly different from the measured FIB level. Based on this, I drew a FIB Channel for Solana's third bullish cycle, which shows a technical target of $496.27 at the Fibonacci level of 2.618. Obviously, to reach this target,
SOL
needs the help of
BTC
to continue the uptrend. Therefore, if Bitcoin's uptrend continues and
BTC
climbs above the $50,000 level, we can expect Solana's amazing uptrend to continue and not only repeat the previous ATH, but
SOL
will reach a new ATH. But if the uptrend of Bitcoin stops at the resistance level of $47,000 and
BTC
falls below $40,000, Solana's technical target will be invalidated at the Fibonacci level of 2.618 in the third cycle. Also, Solana's RSI is now at 89, which is close to Solana's ATH range at 97, which is a serious warning for users to save profits and avoid greed.
Obviously this is not a financial advice & remember to do your own research.
Please "Like" & "Follow" if you want to see more of these ideas.
Wish you all a Merry Christmas 🌲🎅
Goodluck