The price in Solana poses a great risk of a breakup, should investors be worried?
As Solana’s (Sol) Price attempts to hold a key support area, the analyst warned investors that “Soliana’s season” may not happen as the altcoin poses a major price risk.
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Solana’s Risk Is Down’
On Friday, Solana trailed the rest of the market and fell below the $180 support to retake recent gains. Cryptocursency started this week by recovering from last week’s correction to its monthly low of $168, briefly trying to regain the $210 resistance on Tuesday.
However, recent market volatility has seen the Altcoin lose the $200 level and looked for an important support area that could determine Sol’s next move. During this performance, crypto analyst akercto shares a beavish Outlook for Solana, suggesting that the 75% risk from current prices can stop.
In Q2, the market watcher warned that the cryptocurrency bull market “may be,” highlighting its structure in the high-time chart. On the other hand, sol “has a refined 5-wave effect on the upside that ended in January with $ Trump Coin blowing up,” when the altcoin hit an all-time high (ATH) of $293.
Based on this, he predicted that Solana will see an ABC correction pattern in the coming months, with a low-level tree at $240-$250 for wave B, before “the most painful wave (c).”
The analyst confirmed that the cryptocurrency may have completed the B Wave, although it may have a bounce to new highs before breaking. “The monthly candle still has 2 weeks to close the green, but to be honest, but he looks very cooked (whether we are too high to catch many people or not),” he is assured.
Crypto Bullet warned SOL BASH owners that once the C wave has started, “it should be prepared for some higher levels” in the middle of the $40 target.
Can you look at $210 again?
Ted Pillons’ analysis also throws out a warning for investors, saying that “Solana Treasury companies are in a free zone right now.” He also suggested that the recent drop was driven in part by the suspension of institutional bidding. “Until these companies show some recovery, I think Solana’s price recovery will be difficult,” the post read.
Despite the bearish predictions, some market watchers consider that the sol Bullist Look is still in play. Bitcoin Man highlighted that Solana’s price could form a 1-2 setup, which would send its price back to the $200-$210 area.
For the analyst, as long as the price holds above the $170 level of support, the bullish situation can continue to play. Meanwhile, Crypto Yapper noted that Solana is currently retracing two supports on the daily chart, which could set up a 15%-20% bounce.
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With the post, Sol’s price sets the lower boundary of the 2-month formation and $170-$180 horizontal, which has served as a major level of support and resistance throughout the year.
Holding these levels on a daily and weekly basis can reshape and put the price to face the upper boundary of the wedge and the horizontal resistance around the $210-220 mark, the analyst noted.
As of this writing, SOL is trading at $182, down 12.6% on the Dailyframe.
Featured image from unscwassh.com, chart from artIngView.com
