Solana is staying Fluctuating between Bullish and Bearish Momentum Without a clear break in a certain direction. In the midst of this, there have been red tests of both resistance and support levels without a outcome, and this has contributed to the formation of a head and shoulder pattern. With this development, the Solana Prize is now looking in one of the two possible directions, both of which can have important implications for investors of the Altcoin.
Solana -Head and Shoulder Pattern can activate Rally
Crypto analyst Melikatrader noted That Solana has completed a main and shoulder formation on its 1-day graph. This formation can go in all directions, but for Solana specifically and how the prize has recently performed, it can indicate a more bullish movement than a bearish.
After completing the left and right shoulders and the head, the price now looks at the neckline as the next determining factor. This neckline, as set out by the Crypto analyst, was broken after the price has crashed below the $ 160 level. What could happen here after is that the Solana price can go up to re -test this neckline. Be able to reclaim it, it would Activate an upward trend and start a movement to $ 200.
There is also the trend line that suggests that the Solan price can be in a rising trend. So far there have been several higher lows, the presence of which is still bullish for the Altcoin, regardless of the current market sentiment. If this applies, the chance of an upward continuation becomes higher.
The analyst also explains that, taking into account the formation of the head and the shoulders and the broken neckline, it is more likely that the price rises from here. The target is placed on $ 219.84, as long as the momentum applies. Otherwise there can be bearish implications for the cryptocurrency.
“Based on the pattern and technical analysis, the potential target for the price Could be around $ 219.84, as indicated by the box in the top right corner, “the analyst explained.” This target corresponds to the upward trend for the front of the broken neckline. “
An inverted scenario would be a situation in which the price does not hold above the neckline. A reversal here can lead the Solana prize to find better strout points at lower support levels. In the midst of this, the level of support of $ 136.34 would be the level to look into in the case of a Bearish scenario, because it offers the most opportunity to buy.
Featured image of dall.e, graph of tradingview.com
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