(This is NFA, please DYOR)

SOL/BTC Chart

Following on from my thread yesterday, we will first look at the $SOL / $BTC chart. I stated that due to this level being the macro 50%, it was very likely that we would see some resistance, and possibly an intermediate top.

While we havent seen a top yet, you can see buyers and sellers in the market acting as both support and resistance, as the market flirted with the 50%, unsure of where to go next. The recent break above, and retest of the 50% shown in the purple circle has lead to a breakout, a testament to the strength of this market..

In this case, we need to look at the next possible support/resistance areas. This next major resistance level happens to only be approximately 9% away from its current price on the $SOL / $BTC chart. You can see that this level marked a lower-top at the beginning of the bear market, so it is an important level.

SOL/USD Chart

This is where it gets interesting. On the $SOL / $USD chart, the major resistance at the macro 50% level is also roughly 9% away from its current price at $123. Will the conjuction of these two major resistance levels prove too much for $SOL to overcome? I think so, and I believe $135 will mark an intermediate top for Solana.

Where does this leave us?

I am still holding the view that I expressed in the previous thread. An intermediate top at $135, and then a major correction of up to 70% over 3-4 months before reaching new cycle highs through the rest of the year and into 2025.

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As always, stay safe and bullish,

ChefGunny.

Gunny’s Alpha Association

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