Hello traders and investors,
I want to highlight the recent developments in the cryptocurrency world, specifically focusing on SOLUSDT. After significant movements, there was a price collapse from November 2021 to December 2022. I believe this decline forms a five-wave pattern, indicating a potential downtrend continuation.
Since the December 2022 low, there has been a five-wave rally followed by sideways movement, forming an Elliott Wave Running Triangle. A crucial level to watch is 24.80; a break above could lead to another five-wave rally, completing the ABC corrective pattern before the downtrend resumes.
The price target is around 68-70USD , aligning with the 61.8% Fibonacci bounce and the equality for the ABC rally.
If you find this analysis helpful, please like and comment. Until next time, Peace.
I want to highlight the recent developments in the cryptocurrency world, specifically focusing on SOLUSDT. After significant movements, there was a price collapse from November 2021 to December 2022. I believe this decline forms a five-wave pattern, indicating a potential downtrend continuation.
Since the December 2022 low, there has been a five-wave rally followed by sideways movement, forming an Elliott Wave Running Triangle. A crucial level to watch is 24.80; a break above could lead to another five-wave rally, completing the ABC corrective pattern before the downtrend resumes.
The price target is around 68-70USD , aligning with the 61.8% Fibonacci bounce and the equality for the ABC rally.
If you find this analysis helpful, please like and comment. Until next time, Peace.