Solana (SOL) Sees Potential Wipeout Based On Bearish Technical Indicator
Solana (SOL) price has enjoyed a winning streak by a whopping 75% as seen in the past two months after it has capsized to a mere $25.75. SOL forms head-and-shoulders pattern hinting at bearish movement. Solana’s 75% gain witnessed in the past two months may be a potential fake-out. SOL price down by 2.40% and trading at $42.86 as of press time. However, the gains may prove to just lead the traders on due to an impending bearish movement. Does this hint at a potential bullish fake-out? SOL formed a head-and-shoulders pattern which can be resolved once the price breaches below the neckline.....
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SOL price gained 75% in the past two months, but technical analysis suggests it could be an elaborate bull trap. Solana (SOL) price rallied by approximately 75% two months after bottoming out locally near $25.75, but the token's splendid upside move is at risk of a complete wipeout due to an ominous bearish technical indicator.A major SOL crash setup surfacesDubbed a "head-and-shoulders (H&S)," the pattern appears when the price forms three consecutive peaks atop a common resistance level (called the neckline). Notably, the middle peak (head) comes to be higher than the other two....
Solana (SOL) has emerged as a prominent player in the dynamic world of cryptocurrency, showcasing a remarkable uptrend and delivering substantial gains. Despite a modest 3.6% correction in SOL price over the past 24 hours, the native token of the blockchain platform has recorded a significant increase of 43% over the past fourteen-day period. However, the sustainability of these gains may be in jeopardy, as the SOL price appears poised for a significant decline and deep correction following an impressive 346% surge over the past year. SOL Price Vulnerable To Significant Drop, $30 In Sight....
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More bearish cues for SOL comes from a bull flag setup that's now breaking to the downside. A rebound move witnessed in the Solana (SOL) market this weekend exhausted midway as its price dropped below the $90 level from a high of $96 on Feb. 21. In doing so, SOL price technicals are now risking a classic bearish reversal setup.Solana price risks dropping to $60Dubbed head-and-shoulders (H&S), the technical pattern emerges when the price forms three peaks in a row atop a common support level (called a neckline). As it typically turns out, the pattern's middle peak, called a "head," comes....
The bear flag setup for SOL price could result in another interim relief rally amid macro headwinds. Solana (SOL) dipped to a two-week low at around $35.50 on July 26, mirroring downside moves elsewhere in the crypto market. Nonetheless, the technicals suggest that Solana's price flirts with the prospects of rising 40% in August.SOL hits key inflection pointIronically, the bullish setup for Solana emerges out of a classic bearish continuation pattern.On the daily chart, SOL's price has been consolidating inside what appears to be a "bear flag," a technical pattern that develops during a....