The crypto market recently went through an aggressive sell-off, pushing the Solana price significantly lower. But due to the formation of a falling wedge pattern, the SOL prices have been defended from further decrease. In fact, lower rejection candles have been observed, indicating the buyers are actively defending the price. This pattern further suggests that if the uptrend is resumed, the prices could rise around 5% before hitting the pattern’s overhead trendline. The continuous buying momentum of buyers could take the SOL price 28-30% higher with a breakout of the $28.14-$26.78 resistance zone. Additionally, the MACD(blue) moving below the signal(orange) reinforces the downtrend momentum in the Solana price. However, a surge in the market sentiment can also lead to an uptrend break and shoot the prices higher, possibly achieving a fresh peak. All in all, traders can consider this technical analysis to determine their profits and buy Solana when the prices breach the pattern’s resistance.
Melissa Sanchez
- 2023-05-12
Buyers Defend SOL Price From Further Decrease
In this crypto technical analysis, we explain the dynamics in the Solana price. Buyers have been actively defending the price due to the formation of a falling wedge pattern. This likely means the prices could move 28-30% higher if the resistance is breached.
