Solana Battle Plan Update 3: Price Reversal Expected at Local High

This is my fourth analysis focusing on Solana in comparison to Ethereum as a reference point for identifying potential market movements and trends. Utilizing basic charting techniques, I've identified a 5-wave Elliott Wave pattern indicating a clear upward trend in both assets. However, the absence of a continuation pattern in Solana raises concerns of a potential price stall at previous support levels. Understanding price dynamics such as flipping support to resistance at key levels is crucial in mastering chart analysis. The bear trap formed at the beginning of the bear market serves as a significant support level for Solana, indicating a possible reversal similar to Ethereum's historical trend. While there are differences between the two charts, a closer look at the Monthly Bollinger Band reveals Solana's stronger performance compared to Ethereum. Despite Solana's breach above the monthly Bollinger band, signaling a potential bullish reversal, caution is warranted due to weekly bearish divergence at previous support levels. In comparison to Bitcoin and Ethereum, Solana appears to face challenges with resistance levels, particularly evident through the MACD oscillation and prolonged sideways movement. BNB presents a distinct setup with a descending triangle pattern, suggesting a potential pullback given the current overbought indicators. In conclusion, Solana seems to have reached a local high against major cryptocurrencies like USD, BTC, BNB, and ETH, prompting consideration for alternative investment options. While timing short positions may pose challenges, the anticipation of a higher low W pattern in Solana could present an opportunity for future gains. Monitoring the potential for significant price movements, such as a 100x increase from the low, or a return to all-time high levels, will be essential in determining investment strategies. As the market evolves, diversifying holdings into promising tokens like Fantom with favorable patterns may offer strategic advantages.

I believe that a W pattern may still be forming in this unique chart. Despite the fibs being on a standard scale, the chart is depicted on a log scale. After hitting the 0.786 retracement level, I anticipate a zig-zag downward movement. My buying target is set around $15 and below.