Solana (SOL) Sees 6% Dip in a Single Day
Solana (SOL) has experienced a more than 6% decline in just one day, dropping below the important $60 level it briefly reached. This decline poses a threat of further decrease despite the recent advances in the cryptocurrency sector.
TD Sequential Indicator Signals Sell for Solana
The TD Sequential indicator for Solana has shown a sell signal on the crypto asset’s weekly chart. According to crypto trading expert Ali Martinez, this indicates potential profit-booking opportunities for traders. Martinez’s chart pattern analysis, posted on November 20, suggests that the upcoming days could be crucial for SOL.
Bearish Formation Confirmation Could Lead to Further Downswing
Ali Martinez highlighted that confirmation of the bearish formation could lead to a further downswing for Solana, potentially reaching the $45 price mark or even dipping as low as $30. This would signify a significant decline of 46.13% from its current price.
SEC Lawsuit Impacting Solana’s Price
The sudden dip in Solana’s price follows the news that the United States Securities and Exchange Commission (SEC) has labeled SOL, along with other assets like Cardano (ADA) and Polygon (MATIC), as securities in a lawsuit against Kraken, one of the largest crypto exchanges globally.
Hot Take: Will Solana Bounce Back?
Despite the recent dip, there is still hope for Solana to bounce back. The impact of regulatory actions and market indicators may continue to influence its price, but many in the crypto community remain optimistic about its long-term prospects.
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