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Solana bulls reclaim $100 but SOL price could still be in jeopardy

  • Solana price could be retesting a triangle pullback.
  • SOL price failed to close above the 100-day moving average.
  • Bearish invalidation is a breach above $105.50.

Solana price is showing overall bearish control despite today's crypto bull-run. Traders could potentially short the digital asset if the bulls cannot breach the invalidation level.

Solana price could continue south

Solana price shows bearish signals as the price is currently trading at $101. Solana price breached the lower end of the consolidative triangle trend line during the trading session, sending the SOL price to $95. Since the low, a counter-trend rally has occurred, but the candlesticks do not suggest a full-out capitulation from the bears. Thus traders should be very cautious; there is a bullish effort, but the final low may not be in just yet.

Solana price could continue falling towards $90 if the technicals within the triangle are correct. Bears are likely to be confident as the price has breached the buyers’ territory level on the Relative Strength Index. SOL price volume also displays frail involvement from the bulls at the current time.

TM/SOL4.18.22

SOL/USDT 3-Hour Chart


Invalidation of the downtrend will be a classic trade setup. First, the SOL price must breach the 100-day moving average at $105.50, rally and retest before considering the downtrend. If this bullish event occurs, The bulls can likely send the SOL price back towards $120, resulting in a 12% increase from the current Solana price.


 

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Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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