Over the last 40 days, Solana has faced some significant challenges on the charts, with SOL down by 17.26%. This downward trajectory...
has faced some significant challenges on the charts, with SOL down by 17.26%. This downward trajectory could accelerate as further insights supporting the decline are revealed.
Notably, after this drop, SOL can be expected to trade higher, which is why the latest decline might be the final catalyst for a major move up., a prominent market analyst, SOL is at a vital juncture right now and could either rise or fall in the coming days. As per his analysis, Solana is now trading within a descending triangle, a pattern that could have bullish or bearish outcomes depending on its formation.In fact, Runefelt is predicting a potential drop to $112.5 if bears dominate the market. On the contrary, he is also backing the likelihood of a rise to $155—just above the pattern’s peak—where significant liquidity is likely.for SOL, targeting the $80-mark.
Further analysis revealed a significant liquidity cluster at and below the $120-level, suggesting that the price will trade lower into these liquidity areas. This can potentially clear existing liquidity clusters before acting as a pivot point for price reversals upwards.AMBCrypto then went a step further to monitor Open Interest to predict SOL’s next move.
At the time of writing, the Open Interest had fallen by 4.97% to $1.94 billion in just 24 hours. This decline suggested that traders anticipated a drop inAfter losing his DOGE tokens due to a limited understanding of blockchain technology, Dolapo vowed to understand and explore its vast potential. Now, as a dedicated writer, he helps others learn the complexities of blockchain.
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