In an analysis by Crypto_Jobs on X, Solana (SOL) shows a bearish bias in its price movement. Furthermore, its technical indicators point to potential lower support levels in the medium term.

Experts provide insights into current market dynamics and future expectations of SOL based on chart patterns and resistance/support (R/S) zones.

Look at the SOL chart

The daily chart for SOL depicts a clear downtrend, as Crypto_Jobs highlighted. The cryptocurrency has tested the $120 support level multiple times, suggesting that buyers are likely exhausted at this price level.

$SOL – Price Analysis: [MID-TERM REVIEW] -Daily price is bearish - Currently, the $120.00 support zone is holding and price is trading at the bottom of the daily range [accumulation phase]. -If we zoom in to the weekly price, the latest weekly close is not good…

A repeated test of this support level could signal an upcoming breakdown, which could lead to lower prices. The chart also shows a descending triangle pattern, which is often a harbinger of a continued downtrend, supporting the analyst’s observation that the bearish phase could extend further.

Weekly chart analysis further reinforces the bearish sentiment with the recent close below the important T/K zone, indicating strong bearish momentum.

Additionally, a double top pattern, a classic reversal pattern, has been identified near the $145-$150 range. These factors together suggest a possible continuation of the downtrend, as the price is struggling to maintain current support levels.

Short-term trading range and correction target

Crypto_Jobs predicts a short-term trading range between $145-$150 and $125, which fits the observed chart patterns. This price range suggests a consolidation period before any major price movements.

However, bearish patterns and frequent support tests suggest that a breakout could be headed to the downside. Crypto_Jobs sees a correction as plausible towards the $100 or even $80 region, which would align with key uptrend support levels.

Technically, these targets are important and represent potential stabilization points for SOL before it can recover or start a new rally.

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R/S Zone and Future Price Movement

Crypto_Jobs’ analysis, supplemented by specific chart illustrations, highlights the importance of the $120 support level. If this level fails, SOL could see further declines towards the next important support levels at $100 and $80, as identified in the chart.

These levels can play a pivotal role in determining the future trajectory of SOL’s price movement. By looking at these technical aspects, investors and traders can gain a better understanding of Solana’s market behavior.

Current analysis suggests that it is necessary to carefully observe the identified support zones, which will be crucial in forecasting the further moves of SOL in the crypto market.

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