22 hours ago
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BEARISH 📉 : Solana struggles after 20% drop, remains in consolidation phase
Solana has stabilized after a 20% decline, with its price now in a crucial technical area. The market is closely monitoring whether this will lead to recovery or further decline.
Key Points:
- Solana faced rejection at the Value Area High (VAH) near $141, dropping nearly 20% to around $117.
- The price is back within a two-month consolidation range, currently retesting the Value Area Low at $128.
- If $128 holds, there could be a bounce towards $132, potentially reaching the Point of Control near $138.
- Market remains range-bound; a move below $120 would be bearish, while reclaiming above $150 would be bullish.
Technical Analysis:
- Solana is in a consolidation phase above key support, indicating potential for a significant price reaction.
- Narrowing volatility suggests an impending breakout.
- A successful defense of current support may restore buyer confidence, whereas failure could lead to further declines.
