We get into the weeds so much I thought we could take a break from that this evening and remind ourselves of the future opportunity with some perspective. I get a lot of DM's for a long term perspective. First, I’ll point out top right corner of this chart. Provided MACD does not go below the A wave low set end of January 2022, (Black arrow in MACD section) this chart is very healthy. Solana should be making new all-time highs 20023-2024.
Lastly, the big purple arrow shows the MACD trend line is about to encounter resistance and probabilities are high it will turn down. That doesn’t mean price will immediately follow. As I’ve stated before, topping is a process (Bottoming is an event). It’s possible we will develop some negative divergence on the daily chart as price advances.
Nonetheless, I am confident the topping process on most tradable risk orientated securities is underway. You’ll see my minimum bottom target for Solana is $19.44. That is simply the next fib support after bouncing off the 1.50% fib area.
Best to all,
Chris
Lastly, the big purple arrow shows the MACD trend line is about to encounter resistance and probabilities are high it will turn down. That doesn’t mean price will immediately follow. As I’ve stated before, topping is a process (Bottoming is an event). It’s possible we will develop some negative divergence on the daily chart as price advances.
Nonetheless, I am confident the topping process on most tradable risk orientated securities is underway. You’ll see my minimum bottom target for Solana is $19.44. That is simply the next fib support after bouncing off the 1.50% fib area.
Best to all,
Chris
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