SOL Technical Analysis: The Market Begins to Correct
At the moment, the three-week candles on the SOL market are closing below the opening price. In three weeks, the sellers managed to lower the price by 20%. It is an interesting fact that sellers managed to do it on even smaller volumes than before. Now, the Solana cryptocurrency is not interesting for investors. However, the price is approaching the liquidity range of $175-$190, where the intentions of buyers will become clear. If we do not see an active price rebound in this range on the weekly timeframe, the buyers have retreated to the $130 range. In this range, there is a global trend line of buyers, which they kept from December 2020. If the BTC price continues to fall to the range of $52,000-$53,000, the scenario of the SOL market falling to $130 will be the most likely.
Technical Analysis Of SOL On The Daily Timeframe
Analyzing the movement of the SOL price on the daily timeframe, no signs of panic have been identified so far. The price is moving peacefully in the corrective growth channel and is looking for a liquidity zone for a local reversal. However, nothing prevents sellers from accelerating the downward trend. Therefore, it is not necessary to draw conclusions in the market without volumes. If the SOL price fall starts to slow down and the trading volumes begin to increase, it will be a good signal for investors to prepare for the purchase. While there is no such situation in the SOL market, we do not recommend buying this cryptocurrency above $130.
The SOLBTC Price Sees Downtrend
Analyzing the SOLBTC chart on the daily timeframe, we see a high probability of a price fall by 25%-30%. Buyers have not been able to update the historical high, and now the price is consolidating below it. There has been no correction of the strong impulse of SOLBTC price growth. Therefore, the scenario of a price fall to $130 of SOLUSDT trading pair is more likely. Thus, we should not rush to invest at the moment, so as not to freeze our deposit indefinitely.