12.15: In-depth market analysis for the weekend - $SOL & On-chain MEME storm: Golden pullback opportunity for WIF
With the continuous downturn of the $SOL main chain, on-chain MEME projects have generally seen a decline, among which WIF has experienced the most severe pullback. It fell directly from a recent high of 4.0 to 2.57, with a retracement of as much as 63%, and the current price is already close to the golden 618 retracement level. Although such volatility is quite large and may be hard for an average person to bear, this is a typical characteristic of a bull market—after violent fluctuations, there are usually huge profit opportunities hidden.
The pullback is the best time to enter the spot market
The callback phase is precisely the best entry point for the spot market. Last time I established a position at 3.008, added to it around 2.5, and now the price is still hovering around 2.7. If there are no unexpected events, tonight's price may return to around 2.5 again, which would be an ideal opportunity to add to the position. Currently, Bitcoin is consolidating at a high level, and altcoins are under tremendous pressure, with MEME being particularly affected. However, it cannot be ignored that after Trump's victory, MEME led the market to create wealth effects. The current pullback provides us with a highly potential entry opportunity. It is recommended to enter the market at the current spot price, with an additional target at 2.5.
Technical analysis: Dual trends of bat pattern and crab pattern
From the 4-hour chart, WIF has stabilized at 2.7 and formed a standard bat pattern. According to pattern analysis, the target price for point D is expected to reach 3.846. If it breaks through this point, consideration can be given to setting a stop-loss near 4.02, with T1 target at 3.357 and T2 target at 3.054. The risk-reward ratio is quite ideal, reaching 1:1.5 and 1:5 respectively.
If point D extends further to 4.9, a crab pattern may form, which is an ideal target position. Although this is a theoretical expectation, combined with the analysis of these two patterns, WIF has a very high probability of rising in the future. Therefore, the current pullback is undoubtedly an excellent opportunity to add to the position, and missing it may mean there won't be a second chance.
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