The Solana (SOL) price has fallen since a high of $28.34 in July, validating the $27 area as resistance.
– SOL price broke out from a descending resistance line in July
– Price stalled at the $27 horizontal resistance level
– Bearish sign puts the validity of the breakout in doubt
– Descending resistance line may be at $15.50 if the decrease continues
– Weekly RSI is bearish, indicating a possible bearish trend
Is Bounce the Beginning of a Reversal?
– Price has traded inside a descending parallel channel
– Possible breakout from the channel and clearing of $27 resistance area
– If breakout occurs, a 115% increase to $46 resistance is expected
– If price continues to decrease, it may reach long-term ascending support line at $18
– Price prediction depends on breakout or breakdown from the current channel
Hot Take: The recent price movement of SOL indicates uncertainty and a potential bearish trend. The resistance at $27 has been validated, and a breakout from the descending parallel channel may trigger a significant increase or a new yearly low. Traders should closely monitor the price action for potential trading opportunities.
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