Solana is expected to hit below $35
***by HasriTrader
Notably, SOL's price has been consolidating inside a range defined by a falling trendline resistance and horizontal trendline support, which appears like a descending triangle—a trend continuation pattern.
Therefore, since SOL has been trending lower, down about 85% from its November 2021 peak of $267, its likelihood of breaking below the triangle range is higher.
As a rule of technical analysis, a breakdown move followed by the formation of a descending triangle could last until the price has fallen by as much as the triangle's maximum height. This puts SOL's bearish price target at $22.50 in June, down about 40% from June 10's price.
Source: bit.ly/3Py7tnl
***by HasriTrader
Notably, SOL's price has been consolidating inside a range defined by a falling trendline resistance and horizontal trendline support, which appears like a descending triangle—a trend continuation pattern.
Therefore, since SOL has been trending lower, down about 85% from its November 2021 peak of $267, its likelihood of breaking below the triangle range is higher.
As a rule of technical analysis, a breakdown move followed by the formation of a descending triangle could last until the price has fallen by as much as the triangle's maximum height. This puts SOL's bearish price target at $22.50 in June, down about 40% from June 10's price.
Source: bit.ly/3Py7tnl
Trade closed: target reached