SOLANA Price Prediction, Is the bull market ended

Key Takeaways
  • Solana's price initiated a downward correction from the $68.20 region against the US Dollar
  • Solana's price has been on a bullish streak in recent weeks, buoyed by notable endorsements, including Cathie Wood, underscoring Solana's capabilities.
  • Solana price is currently trading below both $56 and the 50-hour simple moving average.
22-11-2023 By: Lokesh Gupta
SOLANA Price Prediction, Is the bull market ended

SOLANA is trading above $50 against the US Dollar, mirroring Bitcoin's

  • Solana's price decreased by 3% in the last 24 hours,following a market-wide downturn triggered by Binance's settlement with the US Department of Justice yesterday.

  • Solana's SOL experienced notable volatility, reaching highs near $0.70 but subsequently dropping to approximately $55, partly influenced by the SEC's actions against Kraken.

  • The sellers are gearing up for a guerrilla maneuver to seize control, capitalizing on the emergence of a bearish continuation pattern in the Solana price chart.

Technical Views:

  • According to Coingabbar Price Analysis, The weekly chart of Solana is currently in the process of generating a TD Sequential sell signal.

  • The SOL price trend indicates a potential bearish reversal signaled by an inverted head and shoulders pattern.

  • Following a panic sell-off, the bulls successfully maintained support at the trendline and a key psychological level around $50.

  • If buyers can maintain momentum, the bullish rally may retest the $75 mark.

  • On the flip side, a reversal below the psychological $50 mark, coupled with a breakout below the trendline, could lead to a decline in prices to the $44-$45 range.

KEY LEVELS :

RESISTANCE LEVEL : $56.00-$58.00

SUPPORT LEVEL : $53.00-$50.00

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

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