Solana has recently run up to Horizontal Resistance Zone of $195-$210 aligning with the PCZ of a Bearish 5-0 and has begun to impulse downwards with volume to back it. This could be the start of a greater move down that would take SOL back to the low of the distributive range at $95.16. If the level breaks, we would then target a drop down to the $40.72-$26.40 confluence area aligning with the all-time 0.886 retrace as well as the 1.618 extension from previous swing low to high. Only at these levels could we even possibly begin to consider Bullish Entries on Solana.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.