At the time of writing Solana is being traded at the price of $159. The price has increased by a value of 1.60% in the past 24 hours. Solana is listed in the 7th spot in coinmarketcap. It has a market dominance of 1.89%. The volume has increased by just 0.85% in the past 24 hours.
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SOL Technical Analysis:
The monthly timeframe of SOL was extremely bullish in the past months, but recently it has started to reject and lose momentum. This shows that the long hold of bulls over the market seems to have been slowing down. This move has originated when Btc was struggling to the upside showing the potential of this coin.
Moving down to weekly, as mentioned before about momentum, it can be seen with much clarity in here as Solana (SOL) is starting to consolidate, distribution at this phase.
Moving to the daily timeframe, the market after making its new all time high started doing correction of the move. along this correction on the 3rd of October 2021, Solana went back up and grabbed the stop losses by stop hunt which gives an idea that the price doesn’t seems to go up there sooner.
Now along this stop hunt, liquidity was made below i.e. trendline liquidity, which is still intact. Along this, some imbalance zones are present down there which can drive the price lower.
As the market being in distribution, another fake out to the upside can be expected but overall along with the higher time frame bias, sells are still preferred. Now talking about the targets, the daily order block which is lying at $82.92 can react to the price as it is a rally base rally pattern of demand, which has the potential to trigger buyers from that. so conservatively stop partials can be taken there. Moving next, and talking about invalidation, if price jumps over the level of $193.77, another impulsive leg can be expected as below that, a fake out can happen and can even return from the level mentioned, but in case if this level gets breached, it is likely that this will unfold as pole flag pattern and another similar move will take place.
