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Price tagged the ML then proceeded to make lower lows and ''create space'' between the ML and price - this could end up being a key reversal point as the bearish trend is terminated.
Feels like history repeating here just like when ETH was $100~ and could not scale and was largely hated by the majority with a lot of fud around...fast forward years and look how that played out, From a fundamental pov Solana is far from dead in fact it's quite the opposite, Time will be my judge here.
Many of the top Defi projects will play a key role in the new world and web 3, AAVE is very well positioned and once the flood gates open for institutions to use DeFi it's game over. https://consensys.net/solutions/defi-for...
Same story as many charts specifically alt L1's - the majority of alt L1's are growing a lot faster than ETH did which I believe will cause prices to rise on many of these projects a lot faster than ETH did in the future as the network effects take over and adoption comes. Also note that a monthly pivot has formed here at the top which is usually indicative of a larger wave 1 and I'm of the belief that where we bottom will give us our 2nd Monthly pivot confirming a larger wave 1-2.
Like many other alts they completed 5 waves up which is likely a larger wave 1 providing our starting point holds and no new lows are made, I'm of the belief that the majority of these major corrections will be a big wave 1-2 and people look back at how cheap these prices once were in the future.
Like many other alts they are in bargain basement territory - fear is still ruling these markets and bears are celebrating like they have nailed the greatest short on a market down 75%+ - Future is very bright for crypto and I believe we have much better days ahead.
3rd Monthly Pivot forming? This correction is possibly at the end of completion, Instead of talking about this I'll leave a link below gl. https://www.alchemy.com/case-study/0x
I believe we're completing a very large wave 1-2 here and after this correction is completed we will be going up for years to come and surpass our old high by a lot, Personally I think we will go well beyond 200k~.
Like many other charts they're just completing a big wave 1-2 sure we can always go lower but it's a great time to be greedy.
Probably imo one of the best l1s out there, Currently things in crypto don't look good overall but it's a natural part of the down cycle and usually the biggest mistake ppl make here is not buying at all, I imagine in the future this will be well above $1000~ per coin as the world flips onto web 3.