Solana (SOL) Sees Potential Wipeout Based On Bearish Technical Indicator

August 17, 2022


Solana (SOL) Sees Potential Wipeout Based On Bearish Technical Indicator. Olana (SOL) is up more than 75% after falling to $25.75 in the last two months. The SOL forms a head and shoulders pattern, which indicates an upward trend. Solana’s 75% gain witnessed in the past two months may be a potential fake-out. SOL price down by 2.40% and trading at $42.86 as of press time. However, the profit may turn out to be only an incentive for traders due to the approaching bearish movement. Does this hint at potential growth rigging? The SOL forms a head and shoulders, which can be resolved after the price breaks below the neck. As can be seen from the graphs, Solana shows a stable bearish forecast. Based on the weekly chart, SOL formed part of the right shoulder or H&S pattern up to $2.80.

Additionally, cryptocurrency analyst Sood Blue predicts a 95% drop in the price of the token by late 2022 or early 2023. According to CoinMarketCap, Solana is down 2.40% at the time of writing and is trading at $42.86. Solana’s belligerent behavior is evident in the issues and trends of the Federal Reserve System, exposing the market to greater risk. SOL recently ended the week of August 14th up 10.5%, close to Bitcoin. The market seems to have reacted to the US Consumer Price Index (CPI), which indicated the possibility that the central bank will stop raising interest rates.

In this regard, analysts have already warned traders about this price jump, which historically indicates a bearish breakout. In fact, the SOL fake may be true because of its 75% profit margin. SOL exists to solve many problems such as network failures and focus, but the developers of the project have improvements to solve these pressing problems.

Read more: Will The Breakeven Point For Bitcoin Short-Term Holders Act As Resistance Once More?

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