Solana (SOL) — The Bottom Is Near
Solana has shown a significant structure over the years and has built up a nearly clean structure to count this as an overcyclical 1–2 setup. In the long term, this is to be interpreted as a major long-term uptrend with massive potential returns to the upside.
Solana has hit a major high with Yellow Wave 1 and a major bottom with Yellow Wave 2. From this bottom, Solana jumped into a strong bull market and also set a new all-time high with Green Wave 1, moving above its previous Yellow Wave 1 high at $295.11.
From there, Solana initiated a long-term corrective phase to correct the major upward move from Green Wave 1.
We expect that this correction and the completion of Green Wave 2 will be near, potentially setting a major bottom. From there, Solana is expected to build a major, strong, and sustainable long-term uptrend, continuing into Green Wave 3.
As soon as we detect a major bottom for Solana, we will project major price targets that we expect Solana to reach in the long run.
However, for the overall completion of this long-term correction, we have set a Fibonacci buying zone in which we expect this coin to end its correction and regain strong bullish momentum, not just in the short term but especially in the long run.
Long Entry Levels
- 78.6%: $62.90
- 88.7%: $36.99
Based on our long-term expectations, this zone represents a major opportunity to allocate strong long positions at extremely cheap prices for Solana.
If anything happens with this coin, we will update you immediately.
Kind regards,
Monalytics
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