In an analysis by Crypto_Jobs on X, Solana (SOL) exhibits a bearish trend in its price movement. Moreover, its technical indicators point toward potential lower support levels in the mid-term.
The expert provides insights into SOL’s current market dynamics and future expectations based on chart patterns and resistance/support (R/S) zones.
What you'll learn 👉
SOL’s Chart Observations
The daily charts for SOL depict a clear downtrend, as highlighted by Crypto_Jobs. The crypto has repeatedly tested the $120 support level, indicating a potential buyer exhaustion at this price point.
The continuous testing of this support level might be signaling a forthcoming break, possibly leading to lower prices. The chart also shows a descending triangle pattern, typically a harbinger of continued downtrends, supporting the analyst’s observations of a bearish phase that could extend further.
The weekly chart analysis further substantiates the bearish sentiment with the recent closure below the critical T/K zone, suggesting strong bearish momentum.
Additionally, a double top pattern, a classic reversal formation, has been identified near the $145-$150 range. These elements together forecast a possible continuation of the downward trend, as the price struggles to maintain its current support levels.
Short-Term Trading Range and Correction Targets
Crypto_Jobs predicts a short-term trading range between $145-$150 and $125, which aligns with the observed chart patterns. This price range suggests a consolidation phase before any major price movement.
However, the bearish patterns and frequent support tests indicate that a breakout could likely be toward the downside. Crypto_Jobs considers plausible a correction toward the $100 or even $80 zones, which would align with the primary uptrend’s support levels.
These targets are technically key and represent potential stabilizing points for SOL before it can attempt a recovery or initiate a new bullish run.
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R/S Zones and Future Price Movements
The analysis by Crypto_Jobs, complemented by specific chart illustrations, emphasizes the importance of the $120 support level. If this level fails, SOL could see a further decline towards the next critical supports at $100 and $80, as identified in the charts.
These levels could play a pivotal role in determining the future trajectory of SOL’s price movement. By examining these technical aspects, investors and traders can gain a more nuanced understanding of Solana’s market behavior.
The current analysis suggests cautious observation of the identified support zones, which will be crucial in forecasting the next moves for SOL in the crypto markets.
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