SOL Technical Analysis: The Fall Slowdown And Rebound To $150
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The last weekly candle from 28 February closed below the opening price and also with a pin up. The trading volumes have increased slightly over the past two weeks, but remain low. The main liquidity range has shifted to $80-$85. It is in this liquidity zone that buyers are actively keeping the SOL price from mid-January 2021. Even if the global fall wave that began in November 2021 continues - before that we expect a local growth wave. The worst-case scenario for buyers at the moment is the continuation of consolidation in the range of $80-$85, after which it will continue without a corrective fall. But, at the moment this scenario is an alternative.
Technical Analysis Of SOL On The Daily Timeframe
Analyzing the SOL price movement on the daily timeframe, we can see that the slowdown in the fall happens in the formation of a wedge. Volatility in the SOL market is falling and the price is preparing for a new impulse. In addition, within the formed wedge, trading volumes on the daily timeframe increased significantly. Falling volatility and increasing volumes mainly indicate the weakness of the attacking side and a high probability of the price reversal.
Therefore, as soon as buyers can break the $100 mark, we will expect a new growth wave with the first target of $150. The critical point below which the SOL market may become uninteresting for a long time is the $70 mark. The test of this mark is possible only in the form of light touch and a sharp rebound in the range of $80-$85. If in the case of such a test of buyers' strength, we see high volumes and aggression on small timeframes - it was a strong signal to end the fall and the beginning of the formation of a local growth wave. Though, such a meeting is possible in the face of strong negative news.
The SOLBTC Price Frightens With Its Indifference
Quite calmly and without a fight, buyers gave an important range of 0.0025. This range was the only clue from which buyers could start at least a rebound off the SOLBTC price. But, on the weekly timefree, we see that after losing control of the 0.0025 mark on 7 February, buyers made no effort to bring it back. Yes, the dynamics of the SOLBTC price fall decreased. However, given the fact of low trading volumes and the lack of competition - the prospect of the SOLBTC price fall is 50%. If during March we do not see the activation of buyers and attempts to take control of the mark of 0.0025 - by the summer the situation in the SOL market could end tragically.