Mo.bi - Crypto Currency Tracker logo Mo.bi - Crypto Currency Tracker logo
Cryptoknowmics 2022-06-16 13:25:57

SOL Technical Analysis: The Fall May Stop At About $22.6

The trading week on 4 April 2022 was the beginning of the worst fall of the SOL price in history. In 1 week, sellers managed to lower the SOL price by 81%. Buyers did not offer much resistance and this is clearly seen in the trading volumes in the weekly timeframe. The SOL price has not yet found a solid bottom to complete the fall wave. The first hope for the $47 range was in vain. 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 Source: https://www.tradingview.com/x/H7HZKrSa/ 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...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.