Crypto Expert Ali posted an analysis of Solana, suggesting that the price is currently forming a head-and-shoulders pattern in the hourly chart.
On this basis, if the price falls below $141, there could be a 15-20% price dip to around $122.
The head and shoulders pattern is a candlestick pattern that shows a potential price reversal in the cryptocurrency market. The pattern has three peaks, with the middle peak being the highest serving as the “head,” and then two other peaks of similar heights serving as the “shoulders.”.
A break below the “neckline” (the line connecting the two shoulder lows) is usually seen as a bearish sign, and the neckline in this case is around the $141 price level. This suggests that a break below this $141 neckline level could trigger a fresh bearish move.
Solana Price Analysis: AltFINS Sees a Possible Downtrend First
AltFINS, a crypto analytics firm, also analyzed Solana, showing that the next direction is likely down.
Based on the analysis, the price remains in an uptrend, trading in a sideways channel. Swing traders can trade the channel, enter near channel support of $120, and exit near channel resistance of $190.
Price is trading in a sideways channel, which is a neutral pattern (indication of market indecision). Trend traders ought to wait for a breakout in either direction, although typically it breaks in the direction of the existing trend.
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Swing traders can trade the range buy near support and sell near resistance. However, the firm sees the short- and medium-term trends as down, while the long-term trend remains up.
The price momentum is bearish but inflecting. MACD Line is still below the MACD Signal Line, but momentum may have bottomed since MACD Histogram bars are rising, which suggests that momentum could be nearing an upswing.
The key price levels to watch include $120.00, then $100.00 as the next price support, and $160.00, then $190.00 as key resistance.
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The post Solana Experts Predict Double-Digit Dip for SOL If This Price Support Fails: Here’s the Outlook appeared first on CaptainAltcoin.
