Solana price stirs investors as the sell-off continues
- SOL price has $30 Fibonacci targets.
- Solana price has breached the triangle consolidation to the downside.
- Invalidation of the bearish thesis is a breach at $49.50.
Solana price is setting up for a bearish decline to $30.
Solana price is headed to $30
Solana price is displaying shocking price action amongst intraday traders. This week, the bears were able to suppress the price back to $40 even. The newfound bearish force is signaling more downtrend in the coming days.
Solana price currently trades at $41,140% lower than the April highs at $140. Despite the significant declining advance, the bears are still entering the market to continue the mayhem. The triangle formation, which surrounded the SOL price for the last two weeks, has been breached and can be used to project an additional 20%. A Fibonacci retracement tool surrounding the all-time lows and all-time highs provides further confluence for $30 targets as the .318 Fibonacci level resides at $30.92.
SOL//USDT 4-Hour Chart
The invalidation for the downtrend scenario will be a breach of the triangle’s apex at $49.50. If the bulls can establish price action in this zone, the downtrend could be invalidated with bullish targets at $80, resulting in up to a 100% increase from the Solana price current price.
Author
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.
