Good morning, legends! With Solana hitting my higher time frame point of interest for this current leg up I decided to do a small write up about my current thoughts on where SOL is headed next.
Since coming into 2023, SOL has been pushing up after bottoming out at the end of December 2022.
I want to take a look back at the rallies and corrections we have had this year:
Dates are approximate
– Our first rally was start of Jan to end of Feb and lasted 56 days with a price increase of 242%.
– Our first correction was end of Feb to start of June and lasted 105 days with a price decrease of 53%.
– Our second rally was start of June to start of July and lasted 35 days with a price increase of 159%.
– Our second correction was start of July to start of Sept and lasted 63 days with a price decrease of 47%.
– Our third and current rally was start of Sept to start of Nov and has lasted roughly 49 days with a price increase of around 130%.
What Could Our Next Pullback Look Like?
Notice that the corrections have taken just under twice as long as the rallies. This would put our third correction at around 91 days, finding a bottom at the end of Jan 2024.
Using this logic, I would expect to see a price correction on SOL around the 41% mark which lines up nicely with a weekly order block and an optimal trade entry on fibonacci.
This will all hinge on what Bitcoin decides to do but with the information I have currently, this is what I am looking at. As always, confirmation is key.
Weekly Outlook on SOLUSDT:
Good morning, legends! With Solana hitting my higher time frame point of interest for this current leg up I decided to do a small write up about my current thoughts on where SOL is headed next.
Since coming into 2023, SOL has been pushing up after bottoming out at the end of December 2022.
I want to take a look back at the rallies and corrections we have had this year:
Dates are approximate
– Our first rally was start of Jan to end of Feb and lasted 56 days with a price increase of 242%.
– Our first correction was end of Feb to start of June and lasted 105 days with a price decrease of 53%.
– Our second rally was start of June to start of July and lasted 35 days with a price increase of 159%.
– Our second correction was start of July to start of Sept and lasted 63 days with a price decrease of 47%.
– Our third and current rally was start of Sept to start of Nov and has lasted roughly 49 days with a price increase of around 130%.
What Could Our Next Pullback Look Like?
Notice that the corrections have taken just under twice as long as the rallies. This would put our third correction at around 91 days, finding a bottom at the end of Jan 2024.
Using this logic, I would expect to see a price correction on SOL around the 41% mark which lines up nicely with a weekly order block and an optimal trade entry on fibonacci.
This will all hinge on what Bitcoin decides to do but with the information I have currently, this is what I am looking at. As always, confirmation is key.