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SOLANA Price Is CRASHING: A Comprehensive Analysis



Solana, a prominent cryptocurrency, has been experiencing a significant price decline in recent days. In this video JB delves into the technical analysis and market indicators that suggest a continuation of the downside trend.

Price Analysis

Solana’s price has pulled back from its recent high of $65.53, reaching a low of $65.249. Observations on hourly and daily time frames indicate a potential continuation of the downward movement.

Market Indicators

The price has crossed below the 50 EMA and breached the 200 EMA on shorter time frames, suggesting further downside pressure. Additionally, the stochastic indicator is resetting on the 1-hour and 4-hour charts, reinforcing the bearish sentiment.

Micro Analysis

If the price breaks below $60.023, a possible ABC structure could form. Analyzing potential wave patterns on the 5-minute and 1-minute time frames reveals a continuation of the downside trend.

Short-Term Outlook

The short-term outlook suggests a continuation of the downside movement, potentially forming a five-wave structure. Support levels around $59.617 should be closely monitored.

Trading Signals

The Cheeky Trading Cipher is indicating a short signal, further confirming the bearish sentiment. Money flow and VWAP indicators on lower time frames also support downside moves.

Potential Targets

The daily chart suggests a potential target range of $49.22 to $46.05, while the weekly chart indicates a midline test at $49.13.

Long-Term Perspective

From a long-term perspective, the weekly chart shows testing of the fair value gap and the possibility of a correction. After the correction, a move to the upside targeting $78.4 to $98 could be anticipated.

Caution and Considerations

Volatility indicators suggest further downside potential. Key support levels around $59.6 and $58 should be closely watched. The weekly chart points to a potential correction in the broader context, emphasizing the need for cautious trading and tight stop-loss strategies.

Conclusion and Strategy

Based on the technical analysis and market indicators, Solana’s price is likely to continue its downward trend before potentially reversing to the upside. Traders should monitor key support levels and overall market sentiment while employing cautious trading strategies and tight stop-loss measures.

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