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#SOLANA : The Crazy Mode 🧵
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- Solana had a significant bearish breakout, which was not expected
- The daily timeframe shows a bullish reaction and support level between $160 and $155
- The market saw a continued risk-off, with many long positions being closed, leading to a selloff
- Solana is highly correlated to Bitcoin and has turned bearish against it
- Solana lacks momentum of its own and is weak against Bitcoin
🪷 Short-term Bearish Outlook
- The 4-hour and daily timeframes are bearish, with a downtrend and a close below the 100 EMA
- There are no fundamental reasons to believe the trend will change
- The network is not gaining total value locked, and there is no momentum brewing for Solana
🪷 Possible Turnaround
- A bullish breakout above $160 is possible, but dependent on Bitcoin's performance
- If Bitcoin has a bullish day, Solana could reclaim support levels and turn bullish
- Technical indicators suggest a possible breakout above $160, which could lead to a move up to $175-$188
🪷 Bearish Scenario
- Without a bullish breakout, Solana may retest $155 and then drop to $140, $130, or $125, which is a strong support level
- The bearish scenario is more likely due to the lack of momentum, fundamentals, and technical bearish confirmations.
