#SOLANA ⟶ A DROP IS COMING!!!
2024-09-29

#Solana Analysis Summary
Daily Time-Frame ⏰

In the daily time-frame, #Solana is moving within two bearish channels, one green and one red (as shown) 📉.

After the recent drop, #Solana reacted positively to the mid-line of the lower channel and moved toward the top of the upper channel 📈.
Currently, it is struggling with the upper channel resistance.

In such cases, before continuing the upward movement and breaking out of the upper channel, we often see a pullback towards the mid-line or the bottom of the channel, from which growth can resume again.
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Let's break down the scenario further:
Before the upper channel is broken upward, there's a chance for a drop toward the following support levels:

Support 1: Midline of the channel
Support 2: Price range 139.42 - 141.40
Support 3: Bottom of the channel

After hitting one of these three supports, bottom formation can occur, and we may resume the bullish trend 📈.

However, if the upper channel is broken upward from the current zone in the daily time-frame (valid break and confirmation), growth will continue without pause towards the next growth targets 🚀.
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Important note on the lower time frame:
If growth happens from this zone, there’s a key detail that complicates things, which will be covered in the lower time-frame analysis I'll send later.
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Next growth targets in case of either bullish scenario:
🎯 Target 1: Price range 166.83 - 168.84
🎯 Target 2: Price range 195.93 - 202.33
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Stop-loss for the temporary drop scenario and continued growth (entering a deeper bearish phase):

If the upper channel is broken downward again, #Solana could continue its drop within the lower channel toward the mid-line and bottom of the channel 📉.

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Solana Analysis Summary
4-Hour Time Frame ⏰
In continuation of the daily time-frame analysis 📊:

Based on the daily time-frame, the next likely move is a drop 📉.
There are two possible scenarios for a drop towards the mentioned support levels:

Scenario 1:
Considering the touch at the top of the daily bearish channel and the break of the divergence trendline in the 1-hour time frame, this confirms the drop toward the mentioned support levels 📉⚠️.

Scenario 2:
A temporary rise to the 166.83 - 168.84 range, followed by a drop based on the rising wedge pattern, targeting the same support levels 📈🔄📉.
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When will growth toward the second target of the main analysis continue without interruption, even with the wedge-based drop?

If the price touches the divergence trendline in the 1-hour time frame, forms a bottom, rises again, and breaks the upper wedge line upward, without re-entering, then it can continue growing based on the continuation pattern of the rising wedge (without interruption) 🚀.
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Note:
Considering the position of the recent bullish trend-line (from the mid-line of the lower bearish channel), the first and second support levels have a higher priority for stopping the likely drop and forming a bottom compared to the third support 🛡️.

The third support (bottom of the upper bearish channel in the main analysis) can only act as a base for bottom formation if a reversal pattern like a double bottom forms at this level 📉💡


