00:00Hello and welcome to another update video on Solana.
00:04I want to take a look here at the one hour time frame on the Solana chart.
00:10And we can see that the price remains caught in a correction.
00:14It looks like we're still caught in a corrective pattern.
00:17It is a three wave move down, which unfolds as an ABC structure.
00:22And the C wave might complete in this region.
00:25I mean, it doesn't really have much more room.
00:28So ideally, wave C would complete somewhere in this region.
00:34What we are tracking here on this chart is a so-called,
00:40you could even call it a zigzag pattern, to be honest.
00:43Quite a sharp correction in a wave 4, where we had a 5 wave move down in wave A.
00:49The B wave itself was a flat correction.
00:52And the C wave down seems to be a 5 wave move, potentially even an impulsive move.
00:58But overall, this still makes it a 3 wave move, which is a counter trend pattern,
01:05which means it's not in line with the main trend, which still appears to be up.
01:10Now, as it often happens in crypto, right, the wave 4 is quite substantial.
01:18And the support isn't changed.
01:21So if you watch the previous updates, then you know that the support levels between $160 and $167.90,
01:29they remain unchanged.
01:32They remain unchanged.
01:33And the next swing high, which is located here at $183, is the level a little bit lower, actually.
01:42It's more like $182.80.
01:44That swing high needs to be broken to give us a first indication that a low has formed.
01:49It is a pullback that's quite deep.
01:53I mean, if we look at the 4-hour chart, you can see that the relative strength index is oversold.
02:00Now, the last time the RSI was oversold like that was in June.
02:04At the time, it was even a little more oversold.
02:07And then we had a nice reaction from there.
02:10I mean, an oversold RSI on the 4-hour doesn't guarantee you a full upside reverser.
02:15But typically, it's still followed by some kind of a bounce, okay?
02:19So especially the last few times where we had a bounce from the June low.
02:24We had a bounce here on the 13th of June.
02:28Yeah, it was not a full-scale reversal, but still a meaningful bounce from around about $140 to $160.
02:34We had a bounce before that as well, 5th of June, right?
02:37From around $140 to $170.
02:39So, you know, these, again, I don't normally focus on the 4-hour time frame RSI much.
02:46But we've reached critical support levels and we have seen an oversold RSI.
02:53And we have a 3-wave move down that looks technically complete.
02:56Could have completed already on Wednesday, but the rally afterwards was only, if you want to call it a rally,
03:01let's rather call it the upside reaction, was only a 3-wave move.
03:04So it wasn't really exactly meaningful, that bounce.
03:07So normally I focus more on the daily chart, the daily RSI.
03:13We're not there yet, right?
03:14But you should be clear about the support level.
03:16So this is what we are watching for here.
03:19This is the support zone.
03:21Any break below $160, it will increase the probabilities for a deeper pullback in wave 2 or wave B.
03:28It is what it is.
03:29But the pivot for that is and has been, and that's not changed, the $160 level.
03:34Now what I need to say is, technically speaking, this wave 4 can go down lower.
03:41Because in a diagonal structure, wave 4s can be extremely deep sometimes, yeah?
03:47It's just that probabilities start to shift.
03:51And then it means the probabilities will increase for a test of the June lows,
03:55which is very much in line also with that orange scenario that I show you also on the larger time frame.
04:03Here you can see it, actually.
04:04You can see the larger time frame potential for a deeper pullback.
04:11But that is just something that becomes more probable with a break below $160.
04:16It's nothing new.
04:16The support area has been on the chart for quite some time.
04:19Yeah, and it remains relevant, you know, that's why I haven't removed it from the chart.
04:25So it really depends on that $160 level.
04:27But until $160 breaks, further direct upside remains possible.
04:32And I'm just watching for a first signal that it lowers in.
04:35Maybe it shows today, maybe after the weekend.
04:38Once I see that, which would be a first micro 5 wave move up above that level I highlighted,
04:43then I will, of course, let you know.
04:45That's the update on Solana.
04:47Hope you liked the update.
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05:16Thanks so much.
05:17Bye-bye.
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