Solana's Warning Signs: Brace for Impact as Market Signals Dump
Updated
Solana is sizzling hot, but for the bulls, get ready for another descent. The next target is the $65-$53 support range. Despite remaining within the bullish trend channel, recent rejections at $127 (top of the channel) and $107 (midline – Blue line) suggest a probable visit to the bottom of the channel at $84. In the worst-case scenario, a break or breach of the channel's lower trendline may lead to Solana dropping to $68-$64. For those in short positions, exercising patience is crucial given the current range. Despite optimism about Solana outperforming ETH in the long run, its volatility is on par with ETH, and it's susceptible to Bitcoin's price movements. Brace yourself for potential fluctuations from February to April 2024.
Note
Solana is currently showcasing an Inverse Head and Shoulders pattern, setting a target at $102. However, caution is advised as bears might push it down to $84 in case the breakout above $97 fails. Stay vigilant and trade wisely!
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