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).