SOL Technical Analysis: Has The Price Correction Ended?
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However, in January 2022, no fight can be seen on the chart. The liquidity zone, which was key to the continued growth of the SOL price was broken at the lowest trading volumes in the trading history. Extremely alarming sign that makes us think globally about the caution of investing in altcoins in the near future.
SOL Technical Analysis On The Daily Timeframe
At the moment, buyers are trying to form a local wave of growth. The main volume accumulation range for the SOL price rebound is $90-$97. That's where the trading volumes are increased in the daily timeframe. In addition, the chart shows that the fall wave was parabolic and constantly accelerating.
The last attempt of sellers to regain power was on 2nd and 3rd February. The chart shows an attempt to break the $90-$97 range in high volumes. However, as a result, the daily candles were closed with pins down. Therefore, the probability of a price rebound to $137-$150 in the near future is as high as possible. This is our main scenario. In the event of a loss of control over the $90-$97 range, we will expect a slow decline in consolidation. However, it is too early to consider such a scenario. As SOL sellers did not have the opportunity to gather strength for a new growth wave.
The SOLBTC Price Tested The Lower Limit Of Consolidation
Analyzing the price movement of SOLBTC on a weekly timeframe, it is difficult not to notice that the price has entered a global consolidation at historical highs. The current weekly candle has practically absorbed the previous one and this is a signal for the formation of a new local growth wave within the consolidation range of 0.0024-0.004. Thus, February 2022 should be the month of the SOLBTC market recovery. The growth prospect reaches 45-50%. After the upper consolidation level test, it will be possible to conclude whether there is a prospect of continued SOL market growth. Though, analyzing the chart now is unlikely.