Solana: Reconsideration?

Aug 16

According to our primary expectation, Solana should now sell off even more strongly and head for our blue Target Zone ($109 – $51.20), where we expect the low of the same-colored wave (ii). Traders could open long positions within this range, placing stops about 1% below the lower edge. With the low in place, a move back above the resistance at $210.03 is on the cards. However, with the price narrowly missing the Zone in the past, we must also consider the option that the low has already been established. This scenario (37% likely) will come into play on a break of resistance at $210.03.