The SOL price is up 4% today, but it’s still trading below the crucial $150 resistance level that Solana wasn’t able to breach this week. However, Solana holders wait for the start of the next week on a positive note.
Analyst Rafaela Rigo believes Solana has already peaked this bull cycle, as she tweeted this to her 150k followers earlier today.
Rigo’s chart presents a compelling case for a potential bearish reversal in Solana’s price. The analysis centers around a classic “Triple Top” pattern, which typically forms after an extended uptrend. This pattern consists of three peaks at approximately the same price level, followed by a breakdown below the support level.
In Solana’s case, the chart shows three distinct peaks around the $210.32 level. This resistance proved too strong for SOL to overcome, despite multiple attempts. Each failure to break through this level indicates strong selling pressure, potentially signaling the end of the current uptrend.
Support and Resistance Levels
The chart highlights several key price levels that traders should watch closely. The primary resistance sits at $210.32, where SOL has consistently failed to break through. Below the current price, there are multiple support levels that could come into play:
- $160.00: This level initially acted as minor support but has since been breached.
- $143.60: Currently being tested, this represents a crucial support zone.
- $138.78: Another key support close to the current price, potentially the last line of defense before a significant drop.
- $82.73: A substantial support level that could become a target if the closer supports fail.
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Show more +Rigo suggests that a break below the $143.60 level could trigger a sell signal, potentially accelerating the downward momentum and confirming the bearish trend.
If the bearish scenario plays out, Rigo outlines several potential price targets. The first range lies between $143.60 and $138.78. A break below this zone could lead to a more significant drop towards $82.73. In the most bearish scenario, Rigo suggests that SOL could eventually reach the $40.00 – $28.60 range, marking a complete reversal of the earlier uptrend.
Read also: XRP Price Prediction If Bitcoin Hits $100k and Ripple Has a Favorable Appeal
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