Hello all. Looking at Solana on the daily timeframe, we can see that we broke bearish out of the descending triangle which gives us a possible drop target to $140.
However, on the daily, we can also see that Solana found support on the fibonacci golden pocket around $165-$170. Also, the long ascending line currently plays support for Solana as the price holds above $165.
In case we brake this support, I will expect Solana to go down to $140, around 78.6% fIbonacci retracement level and also previous support level.
In case we see even stronger bearish pressure, Solana can easily go as low as $120.
Bullish signs to look for: Retest 50 day EMA (around $200), RSI remain oversold, stay above the long ascending line of support (yellow dashed line).
Thanks for reading, and stay tuned. Enjoy.
However, on the daily, we can also see that Solana found support on the fibonacci golden pocket around $165-$170. Also, the long ascending line currently plays support for Solana as the price holds above $165.
In case we brake this support, I will expect Solana to go down to $140, around 78.6% fIbonacci retracement level and also previous support level.
In case we see even stronger bearish pressure, Solana can easily go as low as $120.
Bullish signs to look for: Retest 50 day EMA (around $200), RSI remain oversold, stay above the long ascending line of support (yellow dashed line).
Thanks for reading, and stay tuned. Enjoy.