Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice Solana fell beneath the $12.3 support level The higher timeframe structure was also strongly bearish Since 10 November, Solana has been able to hold on to the $12.5 region as support. In the past couple […]
The findings of the following analysis are the sole opinions of the writer and should not be considered investment adviceThe higher timeframe structure was also strongly bearishhas been able to hold on to the $12.5 region as support. In the past couple of days of trading, the selling pressure proved too much for demand to keep up with, and prices took a hit. In the same period,The prediction bot goes for a value of $9.33 as the most bearish scenario for Solana in 2022.
However, the outlook for Solana has not been bullish since then. The price was in steady decline over the past week, and was unable to climb past the mid-range resistance level at $15.33 . In the past two days, Solana fell beneath the $12.3 level, and bearish dominance was evident once again. A set of Fibonacci retracement levels were plotted based on SOL’s drop from $20.77 to $12.37 on 9 November. They showed the 23.6% extension level to lie at $10.39, and the 50% extension level at $8.17.
The aforementioned bullish order block has now been flipped to a bearish breaker. A retest of this same zone would offer a selling opportunity, with invalidation above $13.65. The moving averages will also pose resistance to SOL. The Relative Strength Index was beneath the neutral 50 mark in the past week, with a brief foray above 50. The On-Balance Volume also steadily crept lower. Therefore all the indicators agree upon selling pressure and bearish momentum.
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