The price trend in the daily time frame is still bearish!

26 thg 11, 2022

After the continued pressure of sales in the market, the price of Solana fell to $11, but the increase in demand and the entry of a good amount of capital into the market caused this level to be fake broken. Currently, Solana is trading on support in the range of 14 dollars. There is upside potential in the 4-hour timeframe. If it happens, we can expect further price growth after the pullback to the support levels in the $14 and $13 channels.

Short-term targets for Solana are in the range of $16, $18, and $19.5. Considering the positive divergence identified for Solana in the 4-hour time frame, this price increase is possible up to the desired resistance levels. Also, with the Fibonacci retracement in the downtrend, the ranges of $17.7-$20 will be identified as serious short-term resistances, which can be profit-saving areas for short-term buyers.

But if the power of buyers and their support continues after the price hits this resistance, we can expect the possibility of breaking this resistance and continuing to move up to the $24 resistance. Note that the price trend in the daily time frame is still bearish.