Market Overview
As Bitcoin approaches a new all-time high (ATH), its dominance in the market continues to rise. Meanwhile, altcoins like Solana are consolidating within a defined range. Solana experienced a minor rejection after surpassing the $180 mark but remains within a bullish range, with potential to exceed yearly highs of around $202. However, despite the bullish outlook, bearish sentiments are still casting shadows over Solana’s rally.
Bearish Patterns and Market Sentiment
Recently, Solana’s price completed a significant bearish harmonic pattern near $183.30. This pattern is concerning as it formed within a strong historical zone, indicating potential downward movement, particularly as market speculation grows around the upcoming US elections and the strength of the USD.
The short-term price action suggests that Solana is testing an interim support zone, which is critical to hold. If this support is defended, the bullish scenario may remain intact, pushing the price towards $200. Conversely, if bearish pressure drives prices below $175, Solana could potentially fall to $170, leading to prolonged consolidation.
Analyst Insights
Prominent analyst KlejdiCuni believes that a bearish trade has been activated for Solana (SOL) with targets set between $165 and $154. This insight adds to the caution surrounding Solana’s current price movements as traders weigh their options in this volatile market.
Conclusion
As Solana continues to navigate its recent highs and potential bearish trends, traders should remain vigilant. Monitoring key support levels and market sentiment will be crucial in determining the next steps for Solana’s price action in the coming days.
Ecosystem
Research
News Network
About