• Fri. Jul 12th, 2024

Solana (SOL) Primed for Further Plummets, Eyeing $125

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Oct 12, 2021
  • Solana saw its price sliding under a bearish flag pattern.
  • The daily close under the Kijun-Sen and Tenkan-Sen on Monday depicted short-term weakness.
  • However, the token’s downtrend appears limited, with the massive support around the value area at $125.

Solana’s price witnessed its value drifting lower since SOL hit its latest upswing at $177 on 3 October. Meanwhile, the asset has recorded multiple attempts to accumulate the conditions necessary for massive bullish entry in the Ichimoku system. However, all trials failed. That had Solana witnessing southwards movements.

SOL Closes Under Vital Ichimoku Support, With a Significant Support Nearby

Solana has somewhat many support areas capable of preventing short-term bearish sentiment. Though a close beneath a bear flag often signals another selling pressure cycle and short-term lows, the frequency and proximity supports will pause short sellers. These are support zones in the range from $116 to $125 –

  • Weekly Tenkan-Sen – $125
  • Senkou Span A – $122
  • Weekly Kijun-Sen – $118
  • 2% FIB retracement – $116

Failure of bulls to maintain the support inside the above price ranges, Solana will magnify its chances of hitting sub-$100 areas. A close under Senkou Span at $120 might create an opportunity for bears since the Chikou Span will also stay under the candle in an open space.

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Bulls targeting the support of around $125 might wait for a vital technical analysis before they can venture into other long positions. Ideally, SOL would fluctuate from $116 to $125 as the Composite Index forms a dip under the 17 September price level. That would signify that the Composite Index created a lower low, while the candle chart records a higher high, translating to a concealed bullish divergence.

If Solana secures support near $125 and the Composite Index forms a concealed bullish divergence, a break past $175 might catalyze the asset towards new record highs.

Remember, Solana had recorded lucrative sessions over the past month, crossing the $200 level. However, the asset has sustained continuous drops since its record peak. Will Solana resume its upsurges? What elements does the alt need to overturn its downswings? You can comment below.

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