The End of the Solana ($SOL) Era
Solana ($SOL) stood out as one of the top altcoins of 2023-2024, delivering a remarkable 30x gain from its lowest point, even amid what many regard as a "fake" bull market in crypto. This rally wasn't a true bull market, as a real bull run typically accompanies a decline in the DXY (Dollar Currency Index). In this case, both Bitcoin and Solana surged alongside the dollar, soaking up much of the market's liquidity. When the actual bull run arrives, it’s likely that this liquidity will be redistributed.
Technical Analysis: Bearish Outlook Ahead
Solana's technical setup currently looks weak:
The coin has completed a full 5-wave Elliott Wave cycle and is now undergoing an ABC correction.
Wave A is in progress, with 5 smaller waves.
Based on the Awesome Oscillator (AO) and Fibonacci levels, Wave 5 is nearing its end, with a target of around $110.
At $110, we should look for a green dot on the Bullish/Bearish Reversal Bar Indicator [Skyrexio] to confirm a potential short-term bounce.
After a potential rebound to $200 (Wave B), the bear market is expected to resume, with SOL possibly dipping below $100.
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