- Solana price struggles to continue gains made on Wednesday.
- A bullish breakout is near, but any rejection could generate a massive collapse in value.
- Bears await a drop below $144 to continue downside pressure.
Solana price has traded chiefly sideways throughout the Thursday trading session. Bulls continue to find difficulty crossing above near-term resistance while bears away any hint of weakness below $144. Both sides of the market are very close to conditions that would generate a significant breakout.
Solana price awaits sellers to push Solana below $100 if bulls fail to hold $144
Solana pice is at an inflection point. Bulls and bears have a nearly equal position to generate a trend that will move towards new all-time highs or sub $100 lows. Structurally, the bears still have control and await a drop below the $144 level to continue putting the pressure on Solana.
Two Fibonacci expansions share 161.8% levels between $81 and $79, which is right on top of Senkou Span B ($76) and the 61.8% Fibonacci retracement ($79). A large concentration of these price ranges often acts as a magnet, warning that Solana price may have a deeper retracement ahead of it before moving higher.
SOL/USDT Daily Ichimoku Chart
For the bulls to invalidate any near-term bearish sentiment and to confirm a resumption of the prior bull move, Solana price needs to move above the Kijun-Sen and close above that level ($154). If that occurs, then all other conditions with the Ichimoku system will occur with a bullish continuation.
The only consideration that bulls should be aware of is the lack of extremes in any oscillators and any regular or hidden bullish divergence. There is a genuine chance that the current price action is nothing more than a dead-cat bounce and should serve as a warning that further moves lower are likely.
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