Top Crypto Expert Flags Solana’s Bearish Selling Climax as SOL Stares Down $80 Value

Well-known cryptocurrency analyst Bluntz issued a bearish short-term outlook on Solana following the asset’s steep selloff earlier this week. Besides publicly sharing his technical analysis on the X platform (formerly Twitter), he posted an illuminating chart showcasing Solana’s price movements.

Specifically, Bluntz pointed to a topping pattern developed on Solana’s daily timeframe, known as a “bearish selling climax” by traders. “I see 5 up visible daily for $SOL and a bearish sfp,” he tweeted, referring to the five consecutive green daily candles preceding the current large red down candle.

This pattern typically indicates that buyers became exhausted near recent highs. Moreover, he identified a bull trap forming at resistance near $108 when prices break above a resistance level but quickly reverse downward.

Additionally, the analyst noted that Solana remains in a clear uptrend on higher timeframes, with positively-sloping moving averages. However, he anticipates additional downsides in the short term before the next sustainable leg is higher. “Don’t be surprised if we pull back here back into the high 80s,” he commented, eyeing the high $80 level as potential support.

Next Big Airdrop?

Notcoin airdrop on Telegram made millions to people. Don’t miss out on the next TG airdrop by the same team – Dogs on Ton!

Show more +

Furthermore, in a follow-up tweet later, Bluntz remarked on the swift pace of the decline this week. “So far, this dip is happening quite fast, faster than anticipated. Ideally, we bounce first before coming down for a C wave down into the 0.618 later,” he tweeted.

Here, he referenced the typical corrective Elliott Wave pattern, where prices fall in three distinct waves labeled A, B, and C. After a brief wave B bounce, he expects another drop to test the 61.8% Fibonacci retracement level, currently around $91.

At the time of writing, Solana trades around $96.50, down nearly 5% over the last 24 hours, according to CoinMarketCap pricing data. The recent swing high of about $108 is acting as tough resistance. However, despite his near-term caution, Bluntz remains constructive on Solana in the bigger picture. For the moment, though, he believes continuation to the downside remains the higher probability path.

You may also be interested in:

Check $RECQ Meme Coin

Sponsored: Invest Responsibly, Do Your Own Research.
Serves as the base currency for all transactions within the Rebel Satoshi platform
ICO stage, offering tokens at a discounted price
Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.


Samuel Munene
Samuel Munene

Samuel is a vesatile and seasoned content editor with a sharp eye for detail and a passion for writing. Web3 techonology is the future! With massive experience in the publishing industry, I specialize in refining and enhancing written material to ensure clarity, coherence, and engaging narratives.