Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion SOL’s price has tripled since January. It could face a correction because of a key metric divergence and a bearish pattern. Solana [SOL] bulls should be ready for a potential impact due to an […]
SOL’s value has tripled since January, rising from $9 to over $21. At press time, it traded at $24.35, but a devaluation could be likely in the next few days.SOL formed a rising wedge channel pattern – a typical bearish formation. In addition, the daily timeframe showed an increasing RSI divergence, which could suggest the current rally is a “bull trap.”
However, a daily candlestick close above the resistance level of $27.81 would invalidate the bullish forecast. Such a surge could tip bulls to target the pre-FTX level of $36.89. Nevertheless, bulls must clear the hurdle at $30.80. However, investors’ confidence was worryingly wanting at press time, as shown by the negative weighted sentiment. In addition, the Funding Rate was positive but negligible, indicating a limited demand for SOL in the derivatives market.
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