Technical analysis by L_F about Symbol SOL: Buy recommendation (4/29/2023)

SOLANA - Key area with 34 upside targetBINANCE:SOLUSDT is in an interesting area where it could go either way. Upside target on the bigger pattern that has been running all year is around 34 (Fibonacci number). There is a CIT window on Friday 21st April so if we get a retracement back to 22-23 area that will set up the move higher. There is also the possibility of a deeper correction back down to 15 but above 27 and this scenario is off the table. This week will be the key. Enjoy the week. Watching for set ups.Comment: Nice and simple today with one more high. Now we look for the retracement and a pattern to get long/Short.Comment: Like BTC & ETH I'm thinking we could be in for a deeper correction on this move. Once this first low comes in then we look for the pattern in the retracement to take another look at the short side.. Big weekend ahead.Comment: After a 19% drop over last week it looks as though we are headed lower here as well and we can take the Bullish case off the table for now. Now we look at a retracement back towards 23.00 and this will give us the downside targets towards 20.00 and then 18.00. But we wait for the move back first to give us the ABCD target. A move back above 25.00 would see a bullish continuation. Enjoy the week. Updates as it moves along.Comment: We got the low we were looking for with an extra spike down. The rally is now at the key 61.8% level but it has rallied in a straight line. For the bearish side I like to see an ABCD pattern to set up the next signal. With this I have to wait for a top to come in then watch the retracement and that will give the pattern to go on. If it breaks out above 25.00 then it will likely start the move higher. The next couple of days will give us the clues we need to make a call. Enjoy the week. Updates to follow when we get something to get into.