• 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.


Like this article? Help us with some feedback by answering this survey:

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Chainlink to present buy opportunity before LINK rises to $38

Chainlink price could create one of the most sought-after bullish entry setups in Point and Figure analysis: the Bullish Catapult. However, buyers must keep Chainlink above a certain price threshold, or the pattern will be invalidated.

More ChainLink news

SafeMoon bulls look for a breakout to $0.0000024

SafeMoon price is one of the best performers of the day, with moves as high as 13% above the open. While the breakout above $0.0000019 is bullish, momentum must be maintained to push SafeMoon above the Cloud to create clear bullish ...

More SafeMoon news

Top 3 Price Prediction: Investors prepare to sell on ETF news

Bitcoin price has historically sold off during the opening of any new derivative futures contract. Will this behavior continue? Ethereum price struggles to cross above the critical $4,000 level and may be held back pending any Bitcoin weakness.

More Bitcoin news

Cardano price to tread water soon, breaking below $2

Cardano price sees bears pushing price action further to the downside. ADA price has tested $2, but with lower highs, Cardano price is getting squeezed lower. The pivotal level at $1.89 could make or break the uptrend. Cardano price has been trying to recover ...

More Cardano news

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP