HOW HIGH WILL SOL GO? SOLANA Price Prediction!
What’s up altcoin buzzers it’s frank Here today to give you another technical Analysis video again to explain it in an Easily digestible way what is going on With solana so lana has topped the Charts in terms of the seven day growth We have 26.9 Growth over the past seven days which Exceeds everything apart from near Protocol as you see no other crypto Other than terra 21.9 Solana is the name of the game it’s in The limelight so let’s see what’s going On with solana today we are going to Look at the technical analysis obviously We’re gonna go from the weekly down to The four hour so that you get the big Picture and the smaller picture the more Granular View And also stick until the end of the Video because that is when i will give You my personal price prediction based On the analysis that we will make up Until that point now for those of you Who don’t know alt queen buzz is first And foremost a crypto investment Research company and we have been Providing you numerous 100x returns Since 2017. So if you want to get in on that action Join our altquin buzz access group where We document up-to-date research covering Undervalued altcoin gems nft minting
Opportunities our portfolio strategies And more the new and improved altcoin Buzz access group memberships start at Just 99 per month click the link down in Our description or in the pinned comment Down below to take part in the action And don’t forget to like subscribe and Click on the notification bell so you’re Always up to date and finally just keep In mind this is not investment advice Okay so as i mentioned solana has the Biggest growth out of the top sort of Almost top 20 cryptocurrencies other Than near protocol with 26.9 Meanwhile interestingly enough bitcoin Has gone down 1.7 so obviously it’s time For the alt coins to shine and that is Made clear by this Global assets graph the global Cryptocurrency assets Whereby you can see that bitcoin had a Dominance of 70 Back in january 2021 whereas ethereum Which is of course the largest altcoin Had a dominance of just above 10 Whereas now we’re seeing that ever since Then ethereum has been gaining in Dominance while bitcoin has been losing In dominance in other words bitcoin Dominance has been going down while Ethereum dominance has been going up now Ethereum almost at 20 bitcoin all the Way down at 40. so this is a trend that We’ve been seeing for a long time and of
Course this is good for solana and other Crypt other altcoins In other words any cryptocurrency which Is not bitcoin because it shows that There is More confidence in the market investors Are willing to take more risk on more Volatile assets and this of course is a Good sign for the altcoin market now Here is another place where solana is Also showing impressive growth this is The top cryptocurrency categories by Market capitalization on coin gecko over Here you can see the solana ecosystem Over the past seven days also 26.5 Growth so it shows that you know these 124 coins in the solana ecosystem are Also growing this isn’t just some fluke Pump that we’ve seen this is there seems To be some convergence of factors which Are indicating that there is some Validity to this move up Okay so as usual i like to start on the Larger time frames i recommend this if You’re entering any trade on the lower Time frames because it helps to show us The bigger picture here we’re looking at The one week candles on solana and you Can see we have this very very bullish Reversal pattern called the three white Soldiers it’s especially bullish when The wicks or the shadows in other words The lines outside of the bodies of these Candles are
Small and they are Relatively small as you can see So that means that we have higher highs And higher lows and the day generally Closes or in this case the week Generally closes near the top Of the candle and these patterns are Often seen at the end of a downtrend as I mentioned this is a powerful reversal Pattern so we’re looking potentially to See a new uptrend now the question is Can we see any convergence of factors Well certainly we are seeing an increase In bullish volume as well especially the Past week so that is also a very good Sign Then next we don’t yet have a bullish Crossover of the macd but if we just Zoom in here you can see that We are very close to having a bullish Crossover and especially when we have a Bullish crossover below the zero line That is a very strong indication that a Long downtrend has finished and that we Are starting a new one as you can see This blue line is moving almost Vertically upwards it seems very likely That we will have even more Reason to believe that this is a new Uptrend and then finally we have this Descending wedge pattern and certainly If we were to break out of this pattern If we were to break out of this red line Then we would have no doubt in our mind
That a new uptrend had started but of Course technically speaking we want Higher highs and higher lows on the Weekly before we can really confirm it’s An uptrend now we come down to the daily Time frame again you can see we had a Long downtrend here we had a descending Wedge here which actually broke bullish And we’ve had a very nice powerful move Up again also increasing volume On this move up which is a good sign we Are also seeing a parabolic move here as You can see we have increasingly sloping Lines for the resistance as well as the Support of this move up now these moves Of course are not usually sustainable in The sense that it can’t just keep on Going up and up and up forever at some Point these parabolic moves will correct Or the very least consolidate which is Why i’m personally not making an entry Right now it’s not usually wise to enter In the middle of a parabolic move Usually you want to be looking for a Retracement now on the daily timeframe We are seeing a Move into the overbought territory we’ve Actually seen a slightly lower low over Here so I would again be using this as an Indication that i don’t want to buy Right now However it is interesting to note if you Go
Over the history Of solana’s overbought territory what Often happens is we go overboard and Then if we wait until it comes back down To the 70 line To a more neutral zone that ends up Being a very good buying opportunity you Can go ahead and look at the chart this Has happened multiple multiple times in The past so this to me suggests a good Potential buying opportunity when we get Down closer towards this purple neutral Zone over here so as mentioned we have This parabolic move up we have a trend Line here which may be respected i doubt That this that we will respect this Trend line i think it’s somewhat more Likely that we will break this green Trend line and come down here towards This green box over here Now this green line over here at the 121 dollar mark marks the previous Resistance so i would expect there’s Some chance that we find support there If not then a more sort of extreme Scenario would be where we actually get Down to the 786 But i wouldn’t be too optimistic about Us reaching that target and that is why It’s actually usually recommended to Have multiple entry points because it’s Hard to predict exactly when and where It will get to But again my personal prediction is that
We will come somewhere within this green Box and if i were to enter here i would Be wanting to enter within this green Box possibly another entry if we get Down to the 786 with a stop loss At approximately 71 Now if we were to enter a position let’s Say we get an average price of 110 Dollars again stop loss would be at About 71 dollars just to be safe so that It’s properly below the previous lows What kind of price target could we Expect to get well let’s go to the daily Time frame zoom out a bit what i’m Seeing is a price potential the first Take profit Point would definitely be the 160 level Because that would mark the previous High there’s some possibility that we Find resistance there but really what We’re looking for here if we’re making This entry at the one at approximately The 110 level is another very powerful Move up in other words we want to first Of all see what the 618 is the common Fibonacci point of this whole move down And that would bring us all the way up To 190 So the first target would be 157 dollars Second target would be 190 But again if we’re looking at the bigger Picture here if you’re really looking to Make a multiple week trade this is Actually a very very interesting trade
To make because as i said we have the Beginning signs of a reversal pattern Very strong signs increasing volume on The weekly and the daily so it’s not Unreasonable to say okay well i actually Want to trade another move up to a new High reaching highs of you know it could Easily get to 350 dollars and if we look At where it might reach if we repeat This move right the move starting from 22 all the way to 260 a common way of Predicting where we should take profit Is to do a simple one-to-one extension And that would take us here to this 316 Level so as you can see here if you were To enter this trade we would have a five To one risk reward which is an excellent Risk to reward and we would be looking For new highs so I think this is a very very exciting Time to be looking at the market you Know we the bear markets is where we Make the most money so definitely Interesting to be watching out for this Now if we just go back down to the four Hour i’m going to show you some more Reasons why i think we’re actually more Likely to either consolidate or calm Down than we are to you know break Through 160 let’s say obviously we could Have some sideways movement maybe we Reached sort of 150 but i very much Doubt that we will get much Above that before having some
Consolidation or maybe a move towards The downside so first of all look at This decreasing volume on the for hour This is not a good sign this is a sign That the market is slowing down there Isn’t as much money being traded Furthermore the rsi you can see we had Higher lows multiple times ever since March 22nd and now we had a break of This line and we’ve broken below it so We have lower lows in the rsi it Suggests a slowing down of the momentum And of course a bearish crossover on the Macd so the convergence of these factors Leads me to believe that we will be Slowing down potentially coming down In price before we come up okay that’s Been it from me for today what is your Opinion on solana are we going to come Down to this green box or are we first Going to go and reach 160 So just type in 120 or 160 which price Target do you think we’ll hit first all Right with that being said i’ll see you In the next one [Music]
