Short solana, deep correction incoming

18 dic 2021

Solana just broke down from a rising wedge pattern (in log scale) it's been in since its inception. This is happening as ethereum is breaking down from the channel it's been in since march 2020 and amid talks of a quicker fed taper than anticipated. As a side note, a lot of my friends, who don't know much about crypto, were asking me about buying solana a couple weeks ago when it was near all time highs. This is also occurring at a time when almost everyone believes we will have an end of the year pump which tells me that will most likely not happen. I'm expecting a very deep correction to take place for a minimum of the next month and possibly up to 3-6 months. Best case scenario, I'm anticipating price to reach the .618 retracement which would get us to around the $100 mark, where I would at the very least expect a healthy bounce. However, I believe this will be an even deeper correction that will take price to the .786-.886 retracement at around $30-$56. Good luck.