The post Solana – Good news after $128? All about SOL’s latest decline-rally cycle appeared on BitcoinEthereumNews.com.

SOL recently retreated from a strong resistance line, with the crypto approaching nearest support at press time On-chain metrics, including liquidation data, pointed to a bearish market bias In recent times, Solana (SOL) has shown limited signs of rallying, gaining by just over 3% in the past month. At the time of writing too, SOL was down by 5.29% on the daily charts.  As expected then, the prevailing market sentiment remains bearish. And, traders are likely to continue driving SOL’s price south. Further decline expected to rock SOL SOL’s recent drop has been associated with its trade-off from the resistance zone at $160.09, part of a consolidation pattern. This led to a further decline in its price on the charts.  At press time, the decline seemed to be ongoing, with SOL seeking support at $128.18. This level is where it is expected to stabilize temporarily, before market dynamics establish the next move. Trading View The anticipated drop to this support level at $128.18 can be further validated by market sentiment and the Parabolic SAR (Stop and Reverse) indicator. This is a sign of continuation of the fall when the price remains below the indicator’s dots. And yet, AMBCrypto found that SOL could be gearing up for a major rally, based on its historical patterns. Fall as a precursor to major rally for SOL AMBCrypto observed that SOL’s current movements mirror those of 2021, which preceded its all-time high. This pattern means that SOL may currently be in an accumulation phase, similar to the one it saw in the past. An accumulation phase is a period during which traders gradually increase their holdings of SOL in anticipation of a rally. In doing so, they position themselves to benefit more significantly from potential price hikes. Source: Trading View If this trend continues,…

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Filed under: News - @ October 4, 2024 8:14 am