- Solana price has breached an ascending trend channel.
- Solana price falls in free-fall fashion as traders enjoy profits from an earlier bearish forecast.
- Invalidation of the uptrend lines at $33
Solana price has provided two profitable opportunities this week. Defining the third will be the more challenging. Here are the possible scenarios.
Is Solana price A falling knife?
Solana price falls in free-fall fashion as expected from this week’s bearish outlook. Solana price has more wiggle room to fall; However, strong support lies within the $37 region. Traders who missed this week’s opportunities to short the digital asset should remain sidelined for now. Placing an entry to aim for the supportive barrier is ill-advised as a sharp rebound could resolve the free-fall decline.
Solana price at the time of writing trades at $40.65. Traders looking to catch a knife can look for a buy opportunity in the $37 zone with an invalidation level at $33.95. Bullish targets lie once again between $44 and $47 target.
SOL/USDT 1-Hour Chart
Remember that a breach below $33.would prompt more liquidations and deem the entire uptrend void. The bears could then reroute south, targeting swing lows in the $31 zone for up to a 25% decline from the current Solana price.
In the following video, our analysts deep dive into the recent price action of Solana analyzing key levels of interest in the market. -FXStreet Team
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