Is SOLANA really bullish? A different look
2024-10-08

Everyone is super bullish on SOL, and I have been also, look at my previous post:



But are we still bullish is the question?

We hit a 2.618 on logscale exactly for this top, and thats HUGE. So far we are holding a triangle like consolidation pattern at the top but we are setting lower highs and support has been tested 7 times! This will not hold forever if we keep testing it.

If we have a catalyst event this could cause a strong breakdown after so many attempts.

So what can the cataclyst be in "uptober" where everyone will leverage long like true degens.

- Market data has been proven incorrect and better than expected. What happens if the FEDs announce that they don't need to cut rates? Crypto will absolutely not like this.
- Israel or russia war events can cause huge disturbances to the market
- ??

Am I saying short SOL? No. I'm saying prepare for a possible unexpected turn of events where the entire market is wrong, like always, and you will be prepared.

I for one got 3 big limit orders with the major ones being $69 hihi, and $40. If we actually break down i don't expect $80 to be anything more than a bounce.