Rafaela Rigo, a top analyst and crypto trader, has liquidated all her holdings in Solana (SOL), sparking discussions across investment circles.
In her tweet, Rigo directly states “I have just checked my sol chart again and just SOLD ALL MY SOL.” This declaration leaves no doubt about her decision to exit her entire Solana holdings.
She cites SOL delivering over 20x returns as one reason, suggesting she captured profits. However, Rigo also points to “poor volume and bearish divs” as concerning technical factors.
Notably, Rigo mentions that SOL “broke bullish structure in April,” which aligns with her technical analysis showing a shift to a bearish trend around that time period. Her assertion that “$210 is likely to be the top for this bull cycle” implies she expects Solana’s upside to be limited from current levels.
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Solana’s Price Analysis and Market Dynamics
At press time, Solana’s trades at $137.32, following a 7.66% drop over the last day and an 11.03% dip over the past week.
The current market conditions show Solana moving within a bearish trend with high volatility, as indicated by the wide Bollinger Bands.
Notably, the price has recently dipped close to the lower band, suggesting strong downward momentum or a potential oversold state. The daily price chart for Solana features several key technical indicators that underscore the bearish sentiment.
The 50-day moving average (MA), depicted by a blue line, currently acts as resistance with the price below it. Similarly, the 200-day MA, shown in orange, looms above the current price, reinforcing the downward trend. Trading volume analysis reveals increased activity during price drops—a common feature in bear markets characterized by panic selling.
Market Implications and Future Projections
In the short term, Solana appears poised to test lower support levels near $100.08 if the selling pressure persists. Besides, key Fibonacci retracement levels offer additional insights; the recent breach of the 23.6% level at $125.73 may now act as new resistance, complicating any recovery rally.
Moreover, the MACD indicators, including a downward trending line and growing negative histogram bars, support a continuation of the bearish trend. For investors and traders, the immediate outlook for Solana suggests a wary approach.
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Potential signs of a bullish reversal, such as a MACD crossover or a break above key Fibonacci levels, could indicate a change in trend. However, for now, the market perception remains bearish, with technical analyses advising preparedness for further declines.
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