Analyst Says Solana At Risk Of Pullback: Here Is The Target

Name	Symbol	Market	Market Cap ($)	Algorithm
Solana	SOLUSD	Crypto	82,340,063,302	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Solana

SOLUSD

Crypto

82,340,063,302

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	3.66	2.00%	186.72	186.72	186.73

Price Change

Price Change %

Current Price

Bid Price

Offer

3.66

2.00%

186.72

186.73

High Price	Low Price	Open Price	Prev. Close	52 Week Range
187.36	181.32	182.55	183.05	17.34 - 210.00

High Price

Low Price

Open Price

Prev. Close

52 Week Range

187.36

181.32

182.55

183.05

17.34 - 210.00

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	14:23:14	0.072163	186.71	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

14:23:14

0.072163

186.71

USD

Price x Volume	Volume	Base Symbol	Related Pairs
75,320,508.04	407,625.85	SOL	SOLEUR	SOLGBP	SOLBTC

Price x Volume

Volume

Base Symbol

Related Pairs

75,320,508.04

407,625.85

Analyst Says Solana At Risk Of Pullback: Here Is The Target

05/12/2023 6:00pm

NEWSBTC

An analyst has explained how Solana may be at risk of a correction based on the data of two SOL technical indicators. Solana Has Recently Observed The Formation Of Two Bearish Signals In a new post on X, analyst Ali has discussed why SOL could be at risk of seeing a retracement shortly. The analyst has referred to two technical indicators for the coin: the TD Sequential and RSI. The first of these, the Tom Demark (TD) Sequential, is a metric generally used for spotting probable reversal points in any asset’s price. The indicator has two phases, the first of which is a nine-candles-long “setup” phase. When nine candles of the same polarity are in following a reversal in the price, the TD Sequential setup is said to be complete, and the asset could be assumed to have reached a likely point of a trend shift. Related Reading: Crypto Analyst Says It’s “Not Too Late” To Buy Ethereum, Here’s Why Naturally, if the candles are green, the setup’s completion would point towards a top, while red candles would imply a bottom formation. Once the setup is over, a thirteen-candles-long countdown phase starts. At the end of these thirteen candles, another probable change of direction happens for the chart. According to Ali, a setup phase has recently formed for Solana. Below is the chart shared by the analyst that shows this TD Sequential pattern in the weekly price of the cryptocurrency. The trend in the 1-week price of the asset | Source: @ali_charts on X The graph shows that the TD Sequential setup has recently been completed with green candles, implying that the price may have already reversed toward a bearish trend. In the same chart, Ali has also attached the data for the second relevant indicator: the Relative Strength Index (RSI). The RSI is a momentum oscillator that keeps track of the speed and magnitude of the recent changes in an asset’s price. This indicator determines whether the asset is undervalued or overvalued at the moment. When the metric has a value greater than 70, it can be a sign that the asset is overbought, while it being under the 30 mark suggests an oversold condition. As is apparent from the graph, the Solana RSI recently broke above the 70 mark and has remained inside the territory, suggesting that SOL has been overvalued recently. Related Reading: Bitcoin Triumphs Over $41,000, But Here’s What Could Prevent $50,000 This would mean that two bearish signals are looming over the cryptocurrency’s head right now. “A spike in profit-taking could trigger a retracement to $47.6,” says the analyst. From the current price, such a potential correction to $47.6 would mean a drawdown of over 20%. Solana’s fate may yet be averted; however, as the analyst explains, “SOL would have to print a weekly candlestick close above $68.4 to invalidate the bearish outlook and aim for $108.” SOL Price Solana had rallied above the $65 mark yesterday, but the asset has already seen a pullback as it’s now trading around $60. Looks like SOL has gone through some drawdown during the past day | Source: SOLUSD on TradingView Featured image from Shutterstock.com, charts from TradingView.com

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SOLUSD Solana