Surprising Bearish Trend: Brace for Potential New Lows!

By Lola Coin Jun 28, 202361Views

The price of Solana (SOL) has been on a decline since failing to break a key resistance level on June 22. Multiple sources and time frames suggest that the price may continue to drop until it reaches a bottom. The daily time frame analysis shows a downward trend starting from April 17, with a lower high on June 4 and a low of $12.80 on June 10. The breach of the $17 support level, which had held since the beginning of the year, is significant. The price retested this level on June 22 and has been falling since. The weekly Relative Strength Index (RSI) also indicates a bearish signal, with the RSI falling below the 50 line. Wave count analysis suggests a continuation of the downward movement, with a potential target of $9.72 based on Fibonacci retracement levels. However, if the price surpasses the low of wave one at $18.72, it could indicate a bullish trend with a potential target of $23.

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