SOLUSD is repeating a pre-rally pattern. $1000 real possibility.

٢٣ ديسمبر ٢٠٢١

I haven't updated SOLUSD since July and the upper break-out which gave me a $130 target:

Well the target got quickly hit according to the Fibonacci levels provided with Solana trading within a Channel Down (blue pattern) ever since its November All Time High (ATH) and since December 04 has been trading entirely below its 1D MA50 (blue trend-line). This is not a unfamiliar set-up for SOL as the very same pattern has took place before every major rally.

As this 1D chart shows, SOLUSD's usual growth sequence involves a Channel Up (green pattern), which leads to its blow-off top followed by the Channel Down that eventually breaks below the 1D MA50. When then breaks above the 1D MA50 for the first time, it is a signal that the next low is SOL's bottom. Right now the price has already made its 1st break above the 1D MA50 and also printed a Lower Low. Based on the pattern above, a second break above the 1D MA50 should kickstart the new rally, the target of which could be the 4.5 Fibonacci extension. Notice also how even the RSI and the LMACD are on their respective 12-month Support Zones.


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