SOL/USDC - (Target Reached - new analysis coming soon) In progress within a consolidation pattern before recovery

Market & Ticker: Solana - SOL/USDC

Date: 29/08/2024

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. SOL remains correlated positively with BTC with a slight outperformance.

We do expect a rapid test of the 170 (confirmation) on a 1-to-3-weeks basis as long as 120.00 remains a key support area valid. However, to target a larger recovery towards the top at 200 we need to confirm a clear break in daily close above 170.00. On a longer run the bullish from the range would open the door towards 260 and 340.

Technical Key Elements:

• Range in progress
• RSI indicator is at 50% (range)
• The Moving average are flat (range)
• Fibonacci key support is adjusted at 120 while the Elliot wave shows upside potential towards 260

Trade Idea conclusion: Buy 

• Tactical Target Max 260
• Tactical Target 200
• Tactical confirmation 170 (Daily close)
• Tactical key support (Pivot) 120 (Daily close)

Chart: Daily Basis (Candle Stick) - Logarithmic 

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

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