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Bears threaten to send Solana price below $20

Mikhailev by Mikhailev
August 15, 2022
in Solana
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Bears threaten to send Solana price below $20
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  • Solana worth is suspended between the weekly assist stage at $24.52 and the weekly resistance stage at $47.43.
  • A 20% crash appears probably; a breakdown might see SOL revisit the $19 foothold.
  • A weekly candlestick shut above $47.43 will invalidate the bearish thesis. 

Solana worth has been on a freefall since April 4 and has produced not one however 9 weekly consecutive down candlesticks. With the crypto market trying as bearish as ever, traders can anticipate extra bleeding.

Solana worth continues to nosedive

Solana worth has dropped roughly 88% from its all-time excessive at $261.51. This downswing was a results of a number of causes with the newest being the LUNA crash. Thus far, SOL has crashed 20% during the last week and is presently buying and selling between the $47.43 resistance barrier and the $24.52 assist stage.

Because of the lack of instant footholds, the chance of an extra crash in Solana worth is excessive. Traders can anticipate a 20% drop to $24.52. Whereas this barrier is a big one, market makers or sensible cash may push SOL to $19 to gather the promote stops.

In whole, Solana worth might shed 36% from the weekly open at $30.53 earlier than patrons step in and scoop the altcoin at a discount.

SOL/USDT 1-week chart

SOL/USDT 1-week chart

Whereas issues are trying extraordinarily bearish for the crypto market, together with Solana worth, a resurgence of shopping for stress might alleviate the promoting stress. If SOL produces a weekly candlestick shut above $47.43, it should denote a bullish engulfing transfer and invalidate the bearish thesis.

In such a case, Solana worth may try a minor rally to retest the $77.66 resistance barrier.

 



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