Solana (SOL) Sees Potential Wipeout Based On Bearish Technical Indicator
17 Agosto 2022 - 08:10PM
NEWSBTC
Solana (SOL) price has enjoyed a winning streak by a whopping 75%
as seen in the past two months after it has capsized to a mere
$25.75. SOL forms head-and-shoulders pattern hinting at bearish
movement. Solana’s 75% gain witnessed in the past two months may be
a potential fake-out. SOL price down by 2.40% and trading at $42.86
as of press time. However, the gains may prove to just lead the
traders on due to an impending bearish movement. Does this hint at
a potential bullish fake-out? SOL formed a head-and-shoulders
pattern which can be resolved once the price breaches below the
neckline. Solana has been showing a consistent bearish outlook as
seen on the charts. Related Reading: Decentraland Momentum Pushes
MANA Into Consolidation Phase’s Higher Rung SOL Forms H&S
Pattern; Indicates A Bearish Standpoint Judging by the weekly
chart, SOL has formed the right shoulder or a part of the H&S
pattern which indicates a correction reaching $27 that could happen
sometime in the second quarter of 2022. Inevitably so, a breach
below the $27 zone could trigger a correction moving towards $2.80.
More so, a decline in token price by 95% may occur at the end of
2022 or the early part of 2023 as forecasted by Profit Blue, a
crypto analyst. According to CoinMarketCap, Solana price has
nosedived by 2.40% or trading at $42.86 as of this writing.
Solana’s bearish behavior has become apparent as it’s impacted by
Fed issues and trends that put the market at high risk. SOL
recently closed the week with a profit of 10.5% on August 14 which
is close to that of Bitcoin’s. It seems that the market has reacted
to the U.S. consumer price index (CPI) which cites the possibility
of Fed halting the increase in interest rates. Solana 75% Gains – A
Fake-Out? In connection to this, analysts have already warned
traders of these price rallies which historically hint a bearish
breakout. In essence, the fakeout of SOL in line with its 75% gains
may be true. SOL also has a lot of issues to fix such as network
outages and also centralization but the project developers have
upgrades in place to correct these pressing problems. Solana’s next
big plunge could provide the token the opportunity to bounce close
to the ascending trendline. Simply put, the bearish movement of SOL
could go on until the price peaks at $20 which corresponds to a 55%
drop from its price on August 16. Related Reading: Polygon Seen
Breaching $1 This Week – Can MATIC Start An Uptrend? SOL total
market cap at $14.3 billion on the daily chart | Source:
TradingView.com Featured image from Analytics Insight, chart from
TradingView.com
Grafico Azioni Solana (COIN:SOLUSD)
Storico
Da Nov 2023 a Dic 2023
Grafico Azioni Solana (COIN:SOLUSD)
Storico
Da Dic 2022 a Dic 2023