Solana Remains Below Resistance (80-95 Next Target)

7 hari lalu

Repeating the exact same patterns as Bitcoin, Solana remains below resistance in the form of MA200.

Good afternoon my dear reader, I hope you are having a wonderful day.

Solana produced a fake breakout when it moved above MA200, because it only stood there for three days. On the fourth day it moved back down and is now red. A small jump was attempted yesterday but a reversal happened before reaching MA200, a signal of weakness; the bearish potential has been strengthen, the continuation of the bearish move has been confirmed.

The low 100 level was hit twice already, in April and August 2024. Each time a support level is challenged, the weaker it becomes.

Seeing that the current move has more than sixty days in the making, it is likely that this same support won't hold a third time, and thus we expect for Solana to move below 100 on the next drop. The support price range for the upcoming drop sits between 80 and 95, which is the January 2024 baseline. It can go lower after a few days, it can bounce after a few days; this is a strong support level and we will see a reaction here for sure, if the 100 support range breaks.

➢ We continue to expect lower prices based on the signals coming from the chart.
➢ Solana is set to move lower.

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