SolanaLong
Solana's "Impulse" ATH Bound To Continue
Wave 1) Low @ $110 to All Time High @ $264.63 - [Complete]
Wave 2) Golden Ratio Retracement from ATH to $169.22 - [Complete]
Wave 3) Price Exhaustion around $323.54 After Valid Break - [ ]
Wave 4) Retracement to Previous Break of Structure - [ ]
Wave 5) Final Leg Before Correction - [ ]
The announcement of the Official Trump coin being launched has started an interesting turn of events and may be helping usherSOLUSD into an Elliot Impulse Wave! With the Solana-based meme coin reaching $8 Billion in Market Cap, value increase by 300% and $1 billion in trading volume we see SOLUSD at an $118 Billion Market cap, currently 15% value increase on the day and close to $14 Billion in trading volume!
In a couple of days, the Pro-Crypto Trump Administration who plan to make "US the Crypto Capitol of the World" is pegged to take Office in just a couple days with expectations of actions being taken that will start to boost the Crypto Market.
I suspect we will see the Extension of Wave 3 that will break Wave 1 confirming the sequence in which we will be looking for Price to Exhaust around the $323 area to then start Wave 4 by Pulling back to Retest the Break of Previous Structure being the High of Wave 1. IF support is then found, we could see the Final Leg of Wave 5 with a Range Target @ ( $418 - $477 )
Wave 2) Golden Ratio Retracement from ATH to $169.22 - [Complete]
Wave 3) Price Exhaustion around $323.54 After Valid Break - [ ]
Wave 4) Retracement to Previous Break of Structure - [ ]
Wave 5) Final Leg Before Correction - [ ]
The announcement of the Official Trump coin being launched has started an interesting turn of events and may be helping usher
SOLUSD into an Elliot Impulse Wave! With the Solana-based meme coin reaching $8 Billion in Market Cap, value increase by 300% and $1 billion in trading volume we see SOLUSD at an $118 Billion Market cap, currently 15% value increase on the day and close to $14 Billion in trading volume! In a couple of days, the Pro-Crypto Trump Administration who plan to make "US the Crypto Capitol of the World" is pegged to take Office in just a couple days with expectations of actions being taken that will start to boost the Crypto Market.
I suspect we will see the Extension of Wave 3 that will break Wave 1 confirming the sequence in which we will be looking for Price to Exhaust around the $323 area to then start Wave 4 by Pulling back to Retest the Break of Previous Structure being the High of Wave 1. IF support is then found, we could see the Final Leg of Wave 5 with a Range Target @ ( $418 - $477 )
Note
Here we can see Price on
SOLUSD is Consolidating into a Pennant pattern @ the November 2024 Highs.
The Lows of the pattern find Support @ the 50% and 38.2% Retracement levels from the All Time High of $295.
-Volume is waning.
-RSI Flattening just above 50.
*Break of either Falling Resistance or Rising Support could occur!
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"An investment in knowledge will pay the best interest." - B. Franklin
Novi's Trading Channel
t.me/+l3fTcsZu91ZiZDkx
Novi's Trading Channel
t.me/+l3fTcsZu91ZiZDkx
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.