Is This The Right Time to Sell Solana?
Solana has faced another rejection at resistance, suggesting the formation of another lower high. This indicates more scope for bears as bulls struggle to maintain the rally.
Despite recent upswings of 20% to 30%, Solana remains in a bearish pattern. A drop below the current level could lead to a 20% decline by week's end. The trend shows a bearish descending triangle, and recent resistance rejection hints at a pullback. A decline in buying volume could lead to a bearish MACD crossover, potentially dropping the price below the $152-$158 support zone.
However, the Ichimoku cloud suggests a possible bullish crossover if the price rises above $162. A fall below $155 raises concerns, and below $150 confirms a pullback. This bearish move might drag the price to $125. Despite this, the long-term outlook remains bullish, suggesting that selling Solana now might not be wise.
