|

Why Solana price is being removed from traders’ hodl list

  • Solana price has breached a consolidative trend line in an impulsive fashion.
  • An increase in selling volume warrants the idea of more decline.
  • Invalidation of the downtrend is a breach above $43.

Solana price could continue the bearish downtrend as technical indicators show that the bears are not yet ready to release their grip.

Solana price can't say when, but it says how

Solana price displays negative behavior as the bears have suppressed the "centralized Ethereum killer" into a zone unprovoked since July 2021. The bearish decline has been accomplished in a "penny from the Eiffel style" manner as what was once thought as a back-and-forth chop ultimately led to a free-fall frenzy on the daily chart.

Solana price currently trades at $30, now a 88% decrease from the all-time highs at $259.90. The bears have flexed their guns, printing several engulfing candles, which seem unchallenged at the current time. If the bulls do not seek vengeance very soon, the bears could push the price into liquidity levels below $20. The most disturbing signal which confounds the bearish idea is the volume pattern. The bears have significantly shown up with pressure, a well-defined ramping pattern and the influx of transactions as prices descend. Investors seeing these odds are likely to look for better opportunities in the crypto market.

TM/SOL/6/14/20

Sol/USDT 2-Day Chart

Invalidation of the downtrend is a breach above the previous wave four degree at $43. A breach at this level could trigger a rally as high as the $60 mark, resulting in a 100% increase from the current Solana price

Author

Tony M.

Tony M.

FXStreet Contributor

Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.

More from Tony M.
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Aave Price Forecast: AAVE primed for breakout as bullish signals strengthen

Aave (AAVE) price is trading above $204 at the time of writing on Friday and approaching the upper boundary of its descending parallel channel; a breakout from this structure would favor the bulls.

Meme Coins Price Prediction: DOGE, SHIB, PEPE stall amid warming retail demand

Meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), struggle to regain strength as the broader cryptocurrency market recovers. Derivatives data reveals fresh retail demand as Open Interest of DOGE, SHIB, and PEPE futures surge.

Terraform Do Kwon gets 15-year prison sentence for role in Terra-Luna $40 billion crash

Terraform Labs founder Do Kwon was sentenced to 15 years in prison by a New York federal court on Thursday for his role in organizing one of the largest cryptocurrency frauds in history.

Top 3 Price Prediction: BTC and ETH eyes breakout, XRP steadies at support

Bitcoin (BTC) and Ethereum (ETH) are nearing the key resistance levels at the time of writing on Friday, and a successful breakout could open the door for a fresh rally. Meanwhile, Ripple (XRP) is stabilizing around a crucial support zone, hinting at a potential rebound if buyers maintain control.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.