🔥 Solana Bearish Wedge: Potential Downside Risk
Since SOL's inception, the price has been following a very clear bullish path upward. However, over the course of the last few months, this pattern has evolved into a ascending wedge. Ascending wedges are classically bearish price patterns.
Currently, SOL is on the verge of falling through the support area of the pattern. Once trading below this area, it can trigger a further sell-off with more potential downside.
In case a big bearish move happens, I'm looking for two main areas of support. $115 and $60, which are located around recent lows and tops.
The $60 target might be a stretch. However, this could be a very decent target for a bear-market low. Time will tell.
Happy trading!
Currently, SOL is on the verge of falling through the support area of the pattern. Once trading below this area, it can trigger a further sell-off with more potential downside.
In case a big bearish move happens, I'm looking for two main areas of support. $115 and $60, which are located around recent lows and tops.
The $60 target might be a stretch. However, this could be a very decent target for a bear-market low. Time will tell.
Happy trading!
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🔥Premium Signals: fierytrading.com
📈Try my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
✅Monster Signals: t.me/monster_cryptosignals
🔥Premium Signals: fierytrading.com
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