Solana price to experience severe sell-offs as the bears aim for $63
- SOL price is on a steep decline.
- Solana price displays a weak bullish defense.
- Invalidation of the bearish thesis is a breach at $99.
Solana price is enduring one of the strongest downward slides in the crypto market. Despite the community's vocal optimism on social media, the digital asset could still experience more severe sell-offs if market conditions persist.
Solana price has no parachute
Solana price is looking very weak compared to other cryptocurrencies at the time of writing. So far, the bears have validated every bearish thesis forecasted since the April highs at $140. Analyzing the advancing decline, the bears are ultimately aiming to take out all retail liquidity around the $80 and $70 zones. Unfortunately, a $60 Solana price will be unsurprising in the coming weeks.
Solana price has yet to display any optimism in regards to the technicals. The largest countertrend candle was printed yesterday with a close at $89. Today, the Solana price could not establish price action in the upper end of the range, which signals strong bearish control. The volume indicator also hints that bulls are uninterested in defending the current price level.
SOL//USDT 1-Day Chart
Solana price downslide slope has a projected target of $63. The invalidation for the downtrend will be a breach at $99. If the bulls can establish price action in this zone, there could be a countertrend rally back towards $115, resulting in a 30% increase from the current SOL 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.
