SolanaShort
Will Solana Drop To $150?
Resistance at $177: Solana's bullish momentum struggles at the $177 level, indicating a strong resistance, which, if breached, could signal further upward movement.
Potential Drop to $150: If the bearish trend strengthens, SOL could slide down to the $150 support level, especially if it breaks below the key $164 neckline.
Triple Black Crow Pattern: On the 4-hour chart, three consecutive bearish candles form a triple black crow pattern, a potent bearish reversal signal, indicating possible downward pressure.
Rising Channel Formation: The recent price movement shows a rising channel pattern, but failure to make a new high suggests possible exhaustion in the uptrend.
Double Top Reversal Signal: The failure to surpass $177 has formed a potential double top, warning of a bearish reversal if the neckline at $164 is breached.
50 EMA Support at $168: Immediate support sits around the 50 EMA at $168, a critical level for bulls to defend in case of further bearish pressure.
Key Trendline Support Near $165: A rising trendline near $165 adds another layer of defense, where a break below could intensify the selling pressure.
200 EMA Support at $156: The 200 EMA at $156 serves as a crucial support, acting as the final defense before a potential slide to the $150 psychological level.
Ascending Triangle Formation: A reversal from current support levels could shape an ascending triangle pattern, setting the stage for a breakout above $177.
Volatility Amid Bitcoin's Fluctuations: Bitcoin's current volatility near $67,000 could affect SOL's trajectory, adding pressure on SOL’s support levels.
Psychological Resistance at $200: If SOL gains momentum, the next significant psychological resistance level stands at $200, a critical milestone in the potential uptrend.
Potential Drop to $150: If the bearish trend strengthens, SOL could slide down to the $150 support level, especially if it breaks below the key $164 neckline.
Triple Black Crow Pattern: On the 4-hour chart, three consecutive bearish candles form a triple black crow pattern, a potent bearish reversal signal, indicating possible downward pressure.
Rising Channel Formation: The recent price movement shows a rising channel pattern, but failure to make a new high suggests possible exhaustion in the uptrend.
Double Top Reversal Signal: The failure to surpass $177 has formed a potential double top, warning of a bearish reversal if the neckline at $164 is breached.
50 EMA Support at $168: Immediate support sits around the 50 EMA at $168, a critical level for bulls to defend in case of further bearish pressure.
Key Trendline Support Near $165: A rising trendline near $165 adds another layer of defense, where a break below could intensify the selling pressure.
200 EMA Support at $156: The 200 EMA at $156 serves as a crucial support, acting as the final defense before a potential slide to the $150 psychological level.
Ascending Triangle Formation: A reversal from current support levels could shape an ascending triangle pattern, setting the stage for a breakout above $177.
Volatility Amid Bitcoin's Fluctuations: Bitcoin's current volatility near $67,000 could affect SOL's trajectory, adding pressure on SOL’s support levels.
Psychological Resistance at $200: If SOL gains momentum, the next significant psychological resistance level stands at $200, a critical milestone in the potential uptrend.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.