Gk_Aronno
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Solana Update: To Buy Or Not To Buy? Hold Or Sell?
$SOL
Here is an update on Solana.
The chart has the same numbers as before but the support line has been moved to match the 5-August 2024 low. The action is happening right above this level.
While Solana trades above its August 2024 low, the action is considered bullish. Below this level and we are certainly bearish. Being bearish in this way does not change the long-term outlook, bias and perspective, we are set to grow long-term based on a broader trend and bigger cycle. This is a closer look.
The low in April is a shy lower low compared to March. This is always important. Notice the steep decline. This is a bearish impulse, prices tend to move down fast and strong. When bearish momentum starts to die down, we see patterns like the one we have on the chart above. Some shaky action and then a lower or higher low. The market (SOLUSDT) is preparing to change course.
The correction is present since November 2024. For Solana, the higher high in January 2025 is part of a complex correction, an extended flat. 3-3-5 wave in Elliott terms.
This is irrelevant. The point is that once the correction is over prices tend to grow.
Consider this, between June and September 2024 we have more than three months of consolidation. The market garnered enough strength to produce a bullish wave. It took a while but it happened. Then there is a correction and this bullish wave was erased by more than 100%.
If buyers showed up at a price of $100, $120, $130 and even $150 in the past, they can definitely show up again. Now that the bullish move has been erased, we are back to square one, the starting point, the base; from this point forward Solana can grow again.
Solana looks weak right now on the very, very short-term. But do not let this deceive you, we are going up next. Focus on the long-term.
Accumulation can be done each time prices hit support.
What happens if I buy and prices move lower?
Wait patiently. If you have capital available, buy more.
And if it drops again? Keep waiting, continue buying.
You will be happy with the results once the market turns.
Thank you for reading.
Patience is absolutely key.
If you didn't sell at $290, $280 or $250, why would you sell when prices trade at $100? It makes no sense.
Buy when prices are low and hold.
Only sell when prices are moving higher.
Namaste.
Here is an update on Solana.
The chart has the same numbers as before but the support line has been moved to match the 5-August 2024 low. The action is happening right above this level.
While Solana trades above its August 2024 low, the action is considered bullish. Below this level and we are certainly bearish. Being bearish in this way does not change the long-term outlook, bias and perspective, we are set to grow long-term based on a broader trend and bigger cycle. This is a closer look.
The low in April is a shy lower low compared to March. This is always important. Notice the steep decline. This is a bearish impulse, prices tend to move down fast and strong. When bearish momentum starts to die down, we see patterns like the one we have on the chart above. Some shaky action and then a lower or higher low. The market (SOLUSDT) is preparing to change course.
The correction is present since November 2024. For Solana, the higher high in January 2025 is part of a complex correction, an extended flat. 3-3-5 wave in Elliott terms.
This is irrelevant. The point is that once the correction is over prices tend to grow.
Consider this, between June and September 2024 we have more than three months of consolidation. The market garnered enough strength to produce a bullish wave. It took a while but it happened. Then there is a correction and this bullish wave was erased by more than 100%.
If buyers showed up at a price of $100, $120, $130 and even $150 in the past, they can definitely show up again. Now that the bullish move has been erased, we are back to square one, the starting point, the base; from this point forward Solana can grow again.
Solana looks weak right now on the very, very short-term. But do not let this deceive you, we are going up next. Focus on the long-term.
Accumulation can be done each time prices hit support.
What happens if I buy and prices move lower?
Wait patiently. If you have capital available, buy more.
And if it drops again? Keep waiting, continue buying.
You will be happy with the results once the market turns.
Thank you for reading.
Patience is absolutely key.
If you didn't sell at $290, $280 or $250, why would you sell when prices trade at $100? It makes no sense.
Buy when prices are low and hold.
Only sell when prices are moving higher.
Namaste.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.