At the end of 2023, a massive hype began in the SOL coin and the project turned into an ordinary sect. I think many people noticed this...
How many such sects were already on the markets?
They can be listed endlessly:$XRP $LUNA SPCE$BCH GAZP and many many others...
🚕 A typical “Vasya” working as a taxi driver and not understanding anything about the markets, foaming at the mouth, proves to everyone that growth has just begun and the project is super-duper promising.
The growth of a large coin in terms of capitalization by more than +1000% in just 1 year does not bother him at all and he firmly believes that the coin will cost $500-1000-10000.
Maybe it will be, but what reasons does “Vasya” give to himself?
I seriously doubt that his arguments are even slightly based on anything other than blind faith.
Even if this happens, this same “Vasya” will not close the position for profit, but will continue to believe in eternal growth.
But in fact, you don’t even need to go far, “Vasya” will simply sell everything during the correction at the very bottom.
This is a classic that has not changed over the years.
📈 Forecast for 2024
Let’s not discuss the fundamentals of the project now. It’s enough that there is a huge fan base there that will move the coin throughout the bullish cycle of 2024-2025.
Believe me, this is enough for an asset, especially in the crypto market.
What we have?
1. The coin has been growing without rollbacks for more than 4 months in a row. This means that there is simply a huge accumulation of liquidity below and when a correction in the market starts, a domino effect will begin in the coin and all this liquidity will be collected.
2. Indicators on the weekly timeframe in the extreme overbought zone. And history shows what happened to the price after that.
Even on the monthly timeframe the indicator is in the overbought zone!
3. Complete separation from all moving averages, even short-term MA20d. At the same time, the indicators are already beginning to bend downwards.
4. Huge volume at the very high of the coin. Obviously, this volume is formed not by large players, but by small ones, such as Vasya.
5. The current growth has already recaptured 43% of the fall in 2022, which fits perfectly into the Fibonacci correction.
6. Massive bearish divergences have formed on the daily and three-day timeframes.
✔️ As a result, we have a whole set of technical factors indicating the local high of a given coin. Not to mention other facts that we have already written about earlier.
Therefore, we believe that the coin has already reached its peak or is somewhere near it.
Once the coin has reached its peak, it’s time to collect liquidity below.
In our opinion, the target for correction of the coin is in the region of $37-44, and from the current level this is a drawdown of up to -65%.
I very much doubt that “Vasya” will not sell at a loss at these marks, and even more so “Vasya” will not buy there.
Because he will be very, very scared.
🤔 What after the correction?
And this is where all the fun begins.
After the correction, the asset will go sideways for a couple of months, where all weak hands will sell their promising SOLs bought on the highs.
Around spring, the coin will begin to grow again and will continue to grow until approximately 2025, when a new high will be placed on the coin and this will end the growth cycle in it.
👀 Therefore, our forecast is as follows and it is fully indicated on the chart:
1. Collapse + - from current at the end of 2023 - beginning of 2024 to $37-44 with record liquidations and “Vasya” bursting with anger
2. After the collapse, growth with the breakdown of the high of $260 and the establishment of a new high at around $520-610 by 2025
Time will put everything in its place and show who was right and who was wrong.
In any case, consider for yourself what is best for you: +300% from the current ones with a high risk of drawdown -65% at the moment. Or +1100% after correction without the risk of high drawdown 🤷♂️
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