Solana Faces Crucial Re-Test 🚨
Solana's chart looks pretty similar to Bitcoin's. Accordingly, we can see a bearish structure in the making:
1 - Solana has printed a double top on the daily chart. The pattern is similar to the one in March/April. At that time, we saw a drop of almost 50%.
2 - The MACD has flashed a bearish crossover on the daily chart. Usually a strong indicator for more bearish price action.
In this context, the long-term downtrend line seems to be the make-or-break level. Just a couple of days ago, Solana broke out of the downtrend that has started in March.
A break below would certainly trigger more sell pressure, while a successful bounce would signal a strong bullish sign.
