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.
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
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