In this report, dated November 18, 2021, we have prepared the technical analysis of Solana, which was performed by the famous analysts of Cryptocurrencies , and we will share it with the users of Cryptoleda.
Recently , Bitcoin is being traded in the range of 58 to 60 thousand dollars, Solana is being traded today in the range of 220 to 190 dollars, a decrease of 5% compared to yesterday.
SOLANA – How To Trade Within Structures
Solana has recently broken the ascending channel and we can may now be on a bearish leg. We have 3 major structure levels where we can watch for price action to tell us what is next; either a bounce off structure or a break and retest of structure.
There are 2 ways in which we can trade these structure levels.
Break & Retest
For a break and retest trade, watch for price to break a structure level and then retest it. Enter with stops above the structure level and take profit next structure level.
For a structure rejection trade, wait for the bounce and then enter with stops below the structure. Target the next structure level.
“Review by Altsignals”
Solana – Trend following trade
in the Chart, confirmed trend support approaching, resistance turned to support with previous ATH . Daily RSI approaching oversold, both RSI swing low and MACD histograms can be read as hidden bullish div , Daily 50MA approaching this zone as support.
4H MACD histogram about to cross zero
Note that historically, this dip to retest ATH has occurred prior to SOL going on a significant bull leg up (see previous ideas for some charting of this in relation to OBV)
If bitcoin shakes-out down to the 55-54k Zone we may see SOL return to lower supports in the 168-150 range, but hoping we see a relief rally on BTC which may carry SOL back up towards upper trend.
Taking profits prudently as I still expect the shake out to come, after/if BTC revisits 62k range.
“Analyzed by jamoooo”
Solana headed back to $23? (Elliott Wave Analysis)
Solana has completed a powerful impulsive wave up. All Fibonacci price and time ratios are perfect for this impulse pattern, as well as channeling, structure, and complexity.
The expected retracement for Wave-A is $23. Minimum target is $58. This will create an excellent buying opportunity because the following wave-B will likely create new all time highs, and then the following impulse after wave-C could take Solana to incredibly high prices.
Even as high as $10,000 in a few years.
For now, the tail risk of a global economic crisis is high and this will likely bring down all of the crypto markets.
Solana being one of the most volatile and having increased by such a dramatic amount could also have one of the largest corrections.
Should be noted I don’t think I’ve ever seen such a picture perfect impulse pattern at this timeframe on a crypto before. Seems like Solana is almost in a pattern of it’s own compared to the vast majority of crypto charts I’ve analyzed.
It may struggle in 2022 while other cryptos gain more regulatory advantage, but long-term it still looks very good, especially in 2023.
“Analysis by Intuit”
Solana’s situation and conclusion
None of the analyzes means an offer to buy or sell Solana, and only the analysts’ point of view. In this article, we published the analysis of 3 analysts.
Please use your own analysis to buy or sell and use the analysis published in Cryptoleda as a tutorial.