Is it the end of Solana for now?
SOL had a nice and strong oversold bounce from lows and has now found resistance at the block area and the BigRed. Whether Solana can break through that resistance remains to be seen, but the chances are not the best. This area is protected by the all-mighty Gandalf :)), so it could be broken only after a long and healthy consolidation on this level, especially without a stronger drop in price with a big volume.
Volume is neutral, RSI is cooling down after overbought territory, and MACD is ticking lower, signaling that a red tick will be seen soon.
Overall: SOLANA bounced really strongly and nicely and is due for a correction to at least 0.5 FIB or even 0.618, which is around the $16 area. If that support holds, we could talk about a new bull move, but time will tell. For now, there is a really small chance for Solana not to drop from this level and drop hard and fast.
The only chance for bulls is to step in, break Gandalf, and continue to ATH, which is less likely, if not impossible for now!
Volume is neutral, RSI is cooling down after overbought territory, and MACD is ticking lower, signaling that a red tick will be seen soon.
Overall: SOLANA bounced really strongly and nicely and is due for a correction to at least 0.5 FIB or even 0.618, which is around the $16 area. If that support holds, we could talk about a new bull move, but time will tell. For now, there is a really small chance for Solana not to drop from this level and drop hard and fast.
The only chance for bulls is to step in, break Gandalf, and continue to ATH, which is less likely, if not impossible for now!
Note
Volume is increasing in the last few days so it is bullish. We found support for the tick, very nice. Now we will see if can we consolidate at the top and then break with huge volume or if we will have a double top reversal formation.
We could see 27 testings again but not betting we will break it.
SOL could stop at 25 and create lower high and indicate bottom will be tested.
Note
SOL drops to the support zone and bounce just as I said it will. It bounces now and is now in a bear flag formation.
There is an 80% chance it will fall out of it and continue way down.
Testing low is almost certain!
Note
Now as it has fallen out of the bearish pattern my target is testing 10$ againSorry bulls but nobody can save SOLANA from huge drop
Consistency is the key of success....
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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.
Consistency is the key of success....
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.