Will Solana Really Crash? Anything Is Possible But...
The rise tend to be long, the drop tend to be short.
We are seeing a dynamic where the pull-back lasts for weeks or months, while the drop can be over in a matter of days.
After the March 2024 high, each pull-back for Solana would last between 20-30 days, while the drops can happen within 7-14 days.
The last major drop developed within a short 8 days timespan, this is super fast. After this drop, Solana consolidated (the pull-back or price bounce) for 55 days. The last three days are strong red so we can say the next drop is in (developing).
If this drop develops like the late July/early August one, just imagine what is about to happen...
Notice how Ethereum is trading below EMA377 and Solana is trading above it. This level was challenged once as support on the 5th of August and remains active. This would be the minimum target for the next drop, $121.
Below this EMA, we are looking at ultra-long-term bearish territory.
Anyway, it's on!
Within days, we are likely to experience the next low.
Currently, Solana is trading below major moving averages that were just recently working as support. These are resistance now... The daily session is about to close.
We don't know what to expect (a crash), everything is possible (it's dropping) but Solana is not going up.
Namaste.
We are seeing a dynamic where the pull-back lasts for weeks or months, while the drop can be over in a matter of days.
After the March 2024 high, each pull-back for Solana would last between 20-30 days, while the drops can happen within 7-14 days.
The last major drop developed within a short 8 days timespan, this is super fast. After this drop, Solana consolidated (the pull-back or price bounce) for 55 days. The last three days are strong red so we can say the next drop is in (developing).
If this drop develops like the late July/early August one, just imagine what is about to happen...
Notice how Ethereum is trading below EMA377 and Solana is trading above it. This level was challenged once as support on the 5th of August and remains active. This would be the minimum target for the next drop, $121.
Below this EMA, we are looking at ultra-long-term bearish territory.
Anyway, it's on!
Within days, we are likely to experience the next low.
Currently, Solana is trading below major moving averages that were just recently working as support. These are resistance now... The daily session is about to close.
We don't know what to expect (a crash), everything is possible (it's dropping) but Solana is not going up.
Namaste.
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