CandleFocus Analyst Warns Solana Could Signal Bearish Shift as Key Levels Are Tested
2024-10-25
Author: Content Editor
Solana (SOL) has recently seen a rebound in its price, reaching about $173 with a 12.8% gain over the past week. However, an analyst warns that Solana may signal a bearish shift in the market if key levels are breached, as indicators show declining momentum. The analyst highlights that Solana's past performance positions it as a key indicator for market conditions, and notes that it is currently forming a Wyckoff distribution pattern. The 0.786 Fibonacci level represents its potential bottom, and if this level is broken on a weekly chart, it could signal investors to exit the market. Technical indicators such as the RSI and MACD support the analyst's observations. Additionally, there have been notable withdrawals of SOL from Binance and investments in meme coins within the Solana ecosystem.
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