Ana Wysinger sazT
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The Era of Solana ($SOL) Has Come to an End
Solana ($SOL) was the best altcoin of 2023-2024, delivering an impressive 30x gain from its bottom, even during what many consider a fake bull run in crypto. This rally was not a true bull run since a real one typically occurs alongside a DXY (Dollar Currency Index) decline. However, this time, Bitcoin and Solana surged in parallel with the dollar, absorbing most of the market’s liquidity. When the real bull run arrives, this liquidity will likely be redistributed.
Technical Analysis: A Bearish Outlook
The current technical structure for Solana looks weak:
Solana has completed a full 5-wave Elliott Wave cycle and is now forming an ABC correction.
Wave A is ongoing, consisting of 5 smaller waves.
According to Awesome Oscillator (AO) and Fibonacci levels, Wave 5 is nearing completion, with a target of $110.
At $110, we need to see a green dot on the Bullish/Bearish Reversal Bar Indicator [Skyrexio] to confirm a potential short-term bounce.
After a rebound to $200 (Wave B), the bear market is expected to resume, with SOL potentially dropping below $100.
If you enjoy this analysis, please boost this article and subscribe to our page for more insights!$SOL
Solana ($SOL) was the best altcoin of 2023-2024, delivering an impressive 30x gain from its bottom, even during what many consider a fake bull run in crypto. This rally was not a true bull run since a real one typically occurs alongside a DXY (Dollar Currency Index) decline. However, this time, Bitcoin and Solana surged in parallel with the dollar, absorbing most of the market’s liquidity. When the real bull run arrives, this liquidity will likely be redistributed.
Technical Analysis: A Bearish Outlook
The current technical structure for Solana looks weak:
Solana has completed a full 5-wave Elliott Wave cycle and is now forming an ABC correction.
Wave A is ongoing, consisting of 5 smaller waves.
According to Awesome Oscillator (AO) and Fibonacci levels, Wave 5 is nearing completion, with a target of $110.
At $110, we need to see a green dot on the Bullish/Bearish Reversal Bar Indicator [Skyrexio] to confirm a potential short-term bounce.
After a rebound to $200 (Wave B), the bear market is expected to resume, with SOL potentially dropping below $100.
If you enjoy this analysis, please boost this article and subscribe to our page for more insights!$SOL
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