Solana (SOL) Price Falls by 25% After Deviation – Will It Bounce Back?
• Solana's price signals bullish trend reversal with a break of 600-day line, but crucial long-term resistance still obstructs its rise.
• The weekly timeframe signals bullish outlook, but the daily timeframe raises doubts about the bullish breakout's validity.
• The direction of the trend will be determined by whether SOL moves above the $27 resistance area or gets rejected and begins a descent.
The Solana ( SOL ) price has decreased since its yearly high of $32.13 on July 14. The decrease validated the $27 horizontal area as resistance.
The weekly and daily time frame readings offer differing outlooks, making the trend’s direction remain uncertain.
Solana Price Clears Long-Term Resistance
The weekly time frame analysis of SOL’s price reveals a decisive breakout from a long-term resistance line in the beginning of July. Before the breakout, the line had been active since November 2021, lasting for over 600 days.
Such breakouts are often indicative of the end of the previous trend and suggest the beginning of a new bullish trend. As a result, it appears likely that SOL’s price has initiated a bullish trend reversal. If this is indeed the case, we can expect SOL to gradually rise towards its previous highs.
Read More: https://beincrypto.com/solana-price-deviation-bounce-or-drop/
• Solana's price signals bullish trend reversal with a break of 600-day line, but crucial long-term resistance still obstructs its rise.
• The weekly timeframe signals bullish outlook, but the daily timeframe raises doubts about the bullish breakout's validity.
• The direction of the trend will be determined by whether SOL moves above the $27 resistance area or gets rejected and begins a descent.
The Solana ( SOL ) price has decreased since its yearly high of $32.13 on July 14. The decrease validated the $27 horizontal area as resistance.
The weekly and daily time frame readings offer differing outlooks, making the trend’s direction remain uncertain.
Solana Price Clears Long-Term Resistance
The weekly time frame analysis of SOL’s price reveals a decisive breakout from a long-term resistance line in the beginning of July. Before the breakout, the line had been active since November 2021, lasting for over 600 days.
Such breakouts are often indicative of the end of the previous trend and suggest the beginning of a new bullish trend. As a result, it appears likely that SOL’s price has initiated a bullish trend reversal. If this is indeed the case, we can expect SOL to gradually rise towards its previous highs.
Read More: https://beincrypto.com/solana-price-deviation-bounce-or-drop/
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