Sunday, July 21, 2024

Solana to see price corrections in coming weeks.

Solana (SOL) is set to see some significant price corrections in the coming weeks because of a bearish reversal setup. SOL has seen a rising wedge, which has been confirmed by two ascending, converging trendlines and falling trading volumes.

Experts say rising wedges may result in the breakdown – resolving after the altcoin’s price breaks below the lower trendline. If there is a breakdown, it could fall by as much as the maximum distance between the wedge’s upper and lower trendline. Solana is trading within a falling wedge range, and there is an immediate pullback from the wedge’s upper trendline with the interim downside target at the lower trendline at around $45.

Solana is currently trading at $46.85, down by 0.23% in the last 24 hours but up by 17.17% in the last seven days. Analysts say the coin risks falling toward $30 if the price breaks below the lower trendline, along with a rise in trading volumes. This means that there could be a 35% price drop by September. But a bounce from the lower trendline could see SOL having an immediate rebound toward the wedge’s apex point at $53.50. A breakout above the upper trendline would invalidate the bearish reversal setup if Solana rises to the 50-3D exponential moving average near $58.

Furthermore, the ninth most popular cryptocurrency by market cap is battling a flurry of negative events. This includes repeated network outages, centralized concerns, and a widespread hack that targeted Solana wallets. Nonetheless, SOL rallied nearly 40% in August. The gains are attributed to the Solana team clarifying that Slope, a Web3 wallet provider, was responsible for the $8 million exploit, including Solana’s.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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