Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. The higher timeframe market structure remained bullish. Demand is likely to be seen on a dip to $22.7. Solana traded within a range formation. Longer-term investors have reasons to be cautious- the asset rests […]
also traded above an important zone of support in the $22.3k area. If BTC and SOL are able to defend the outlined levels of support, it was likely both assets will see gains. How high can Solana shoot, if it does breach $26?The range that Solana has traded within since mid-January can hold answers for both the bulls and the bears. This range extended from $20.4 to $26.6. The mid-point was at $23.5 and acted as resistance in recent hours of trading.
Even then, the $24 mark is expected to see sellers once more. Hence, buyers can look to wait for a breach of $24 and its retest as support before buying.The entire region from $26-$27 is resistance as well. Any buys from the $24 area can look to take profit there. The $26 zone, in particular, served as support from May to November. Furthermore, there was a bearish breaker that extended up to $29.5.
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Solana’s ‘bull trap’ risks pushing SOL down by about 20%Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion SOL’s price has tripled since January. It could face a correction because of a key metric divergence and a bearish pattern. Solana [SOL] bulls should be ready for a potential impact due to an […]
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