Market & Ticker: Solana - SOL/USDC

Date: 11/07/2024

Horizon / Timing:  Mid-term / 1 to 3 months

Scenario: 

SOL consolidated after the BTC halving within a seasonal period which now offers opportunity to buy the lower part of the consolidation pattern in progress ahead of the SOL ETF approbation tentative.

We do expect a rapid test of the 170 (confirmation) on a 1-to-3-month basis as long as 120.00 remains a key support area valid. However, to target a larger recovery towards the top at 260.00 we need to confirm a clear break in daily close above 170.00.

Technical Key Elements:

• The RSI indicator is bouncing back above from oversold area
• The Moving are flat = range (triangle pattern)
• The Fibonacci key support is adjusted at 120 as tactical support while the Elliot wave shows upside potential towards 170 and 260 in wave (5) (III)

Trade Idea conclusion: Buy 

• Target 2: 260.00
• Target 1: 170.00
• Buy: add in dip area: 140.00
• Stop: 120.00

Chart: Daily Basis (Candle Stick) - Logarithmic 

Indicators: Exponential Moving Average (21/34/89) - RSI (21)

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