Solana (SOL) in a Bearish Scenario

22 בנוב׳ 2023

Solana's price has exhibited a bearish 'head and shoulders' pattern over the last ten days in a 4-hour timeframe. This technical formation suggests a potential reversal from its previous bullish trend.

The crucial aspects of this pattern are:
Solana's price has exhibited a bearish 'head and shoulders' pattern over the last ten days in a 4-hour timeframe. This technical formation suggests a potential reversal from its previous bullish trend. The crucial aspects of this pattern are:

Neckline Position: The neckline of the pattern is at $51. A break below this level could lead to a downward movement towards a target price around the strong support zone near $40. Currently, Solana is trading at $54.

EMA 200 Influence: The 200-period Exponential Moving Average (EMA 200) is at $46. A fall below this average could confirm the bearish trend.