SOL Technical Analysis: The Fall May Stop At About $22.6
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The next liquidation zone, where buyers have a high chance to start at least a rebound of the SOL price is $22.6. This liquidity zone was the lower limit of consolidation in April-August 2021. Maintaining this mark allowed buyers to continue their growth trend with a final target of $259.9. If the SOL price stops around $22.6, we expect a rebound to $47 and the price stops in this consolidation corridor again. Below the $22.6 mark, there are virtually no liquidity zones where buyers have accumulated their positions and for which they will be ready to fight. Therefore, if you lose control of the $22.6 mark, it will be extremely dangerous for buyers to invest in SOL.
SOL Technical Analysis On The Daily Timeframe
Analyzing the movement of the SOL price on the daily timeframe, you can see some success of buyers. Yes, the price continues its downward trend. However, since 11 May, the pressure on sellers has decreased significantly. The SOL price movement has shifted to a more steep channel of decline. Each update of local lows is accompanied by high volumes and a deep rebound in the SOL price. Such signals may indicate the end of the fall wave and the beginning of a price reversal. However, even this positive news does not mean that the SOL price will not hit the $22.6 mark.
At the time of writing, the SOL fall is likely to continue, but will not be as aggressive and rapid as it was before. The first signal of the completion of the fall wave will be a price rebound to $47. In this case, after such a shot and the implementation of the correction by sellers, you can plan the following targets of SOL growth.
The SOLBTC Price Absorbed 2 Successful Sellers Weeks
Although the correction continues on the weekly price chart of SOLBTC, there are noticeable positive notes. Buyers did not allow the SOLBTC price to accelerate the fall and go beyond the corrective falling channel. From its lower limit, the SOLBTC price jumped, absorbing the two previous weekly candles. The probability of the SOLBTC price rebounding to 0.0019 is quite high. However, we expect to retest the 0.00115 range before the SOLBTC price starts to grow. The final target for us is 0.0032. Given the strength of the SOL fall and the entire crypto market, you need to consider a large number of sellers. And for sellers, every growth wave is an opportunity to enter a short position at a good price.