Solana - 45% crash is starting! (here is why)

15 juil.

Solana has pumped pretty significantly in past months, and a lot of people are buying this coin. But is it really a good idea? I don't think so! My technical analysis suggests that a huge crash is starting, and it's the best time to sell.

So why is technical analysis very bearish on SOL? First, let's take a look at the price action and chart patterns. On the chart, we can see a bearish head and shoulders pattern that is currently forming on the 1D chart. The price is currently sitting at the major resistance of the right shoulder. Second, the price is overall in a downtrend on the 1D chart. We see lower lows and lower highs, which is by definition a bearish trend. We can draw a descending parallel channel to confirm this downtrend, and I did it with a blue color. The expectation is to hit the bottom of the descending channel, which is currently about 45% down.

I have very strong arguments for why SOL is bearish and will drop below 100 USD. Also, it's important to take a look at the Elliott Wave count. I see an impulse wave 12345, pretty textbook like. Another sign of weakness. 

I recommend to sell SOL ASAP and enter a short position on futures, because this is how you can make money. Otherwise, a 45% crash can be very awful for your portfolio. 

Let me know what you think about my analysis in the comment section, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.

15 juil.

Note

If we take a closer look at the price action, we can see another bearish pattern. This is a descending triangle. We have a higher chance of breaking down!

16 juil.

Note

There are absolutely no signs of bullishness at this moment, and this small pump is just a corrective ABC pattern. Sell if you haven't already, thank me later!

17 juil.

Note

The price is currently almost at the top of the major trendline of the descending triangle. This is very bearish. The majority is heavily invested in SOL and is bullish. And the market will, of course, do the opposite and go down.

17 juil.

Note

It looks like the majority is extremely bullish now, the vast majority of comments are against my thesis. So, this will go down guys :D sell ASAP

18 juil.

Note

Update: SOL is still inside this bearish descending triangle. There is higher probability of breaking down! Be careful.

18 juil.

Note

We have an unfilled CME GAP on Bitcoin futures between 59895 - 60845 USD. This is a big problem and red flag for Bitcoin! Keep that in mind. On the weekly chart, there is a 100% historical probability of going down!