Pullback at $120 Mark: SOL's bullish reversal pauses, hinting at a short-term pullback.
Possible Bounce Back Scenario: Declining trading volume suggests a potential rebound if buyers maintain strength at around $90.
Risk of a Significant Drop: A breakdown below the 50-day EMA could trigger a 30% price drop to approximately $66.
Bearish Breakdown Warning: SOL faces a critical downturn as it slips below the $100 level.
Fibonacci Level Test: SOL currently testing the 38.20% Fibonacci level at around $82.
Liquidation of Long Positions: A significant amount of SOL long positions liquidated, indicating bearish sentiment.
Technical Indicator - MACD: The MACD shows a bearish trend, with increasing bearish momentum.
Crucial Support Levels Under Pressure: The $80 mark emerges as a critical support level, possibly providing an entry point for buyers.
Downside Risks: A fall below $80 could intensify the sell-off, pushing SOL towards $66.
Bear Market Impact on SOL: The current market trend questions SOL's recovery potential in 2024.
Impact of Overall Market Sentiment: The broader crypto market downturn affects Solana's price trajectory.
Watching Key Technical Levels: The SOL price movement near key support and resistance levels will be critical in determining its future direction.
Possible Bounce Back Scenario: Declining trading volume suggests a potential rebound if buyers maintain strength at around $90.
Risk of a Significant Drop: A breakdown below the 50-day EMA could trigger a 30% price drop to approximately $66.
Bearish Breakdown Warning: SOL faces a critical downturn as it slips below the $100 level.
Fibonacci Level Test: SOL currently testing the 38.20% Fibonacci level at around $82.
Liquidation of Long Positions: A significant amount of SOL long positions liquidated, indicating bearish sentiment.
Technical Indicator - MACD: The MACD shows a bearish trend, with increasing bearish momentum.
Crucial Support Levels Under Pressure: The $80 mark emerges as a critical support level, possibly providing an entry point for buyers.
Downside Risks: A fall below $80 could intensify the sell-off, pushing SOL towards $66.
Bear Market Impact on SOL: The current market trend questions SOL's recovery potential in 2024.
Impact of Overall Market Sentiment: The broader crypto market downturn affects Solana's price trajectory.
Watching Key Technical Levels: The SOL price movement near key support and resistance levels will be critical in determining its future direction.