2024-5-12 13:00 |
Technical analysts are expressing concern over Solana’s recent price action, indicating that the cryptocurrency could continue its downward trend in the coming days and weeks.
According to a TradingView analyst named Maximilian_FX, a bearish technical pattern known as a “double top” is gradually forming on Solana’s chart. This pattern can signal a potential reversal in the current trend. The analyst aims for Solana’s price to pull back and reach around $135.71, a level that aligns with the 1.618 Fibonacci retracement level.
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Maximilian_FX explained that from a classical technical analysis perspective, the double top pattern signals a potential reversal. The analyst aims to capitalize on the pullback, targeting the 1.618 Fibonacci level at around 0.5 as a strong reversal point, and a retest of the 34.89 exponential moving average levels.
Furthermore, the analyst noted that if the bears (sellers) maintain control and Solana’s price closes below $150, a selling strategy would be favored, with a target of $135.71.
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Show more +Show less –Another analyst on TradingView, AlanSantana, shared a similarly bearish view, highlighting Solana’s recent peak in March 2024, followed by a market correction in April. This correction was confirmed by the breakdown of a key support level, forming a technical pattern called a “cap.”
AlanSantana pointed out several bearish signals, including “shooting star” and “inverted hammer” candlestick patterns, upper shadows on the candles (indicating selling pressure), and lower trading volume with each session. Additionally, the analyst noted a weak Moving Average Convergence Divergence (MACD) indicator, lower highs, and strictly bearish market-wide action, suggesting potential for further downside.
The analyst provided several potential targets for Solana’s price, ranging from $130 to as low as $64, with a stop-loss set at a daily close above $170.
While both analysts acknowledged the speculative nature of their analyses and recommended conducting thorough research, their assessments paint a bearish picture for Solana’s price in the near term.
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The post Solana Price Outlook Appears Bearish, Analysts Warn of Further Declines as SOL Eyes These Levels appeared first on CaptainAltcoin.
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