Solana (left), one of the most powerful projects in the crypto currency market, has experienced a harsh decline in recent weeks. The left reached the highest level of all time with 295.83 dollars on January 18th and fell to $ 171.81 by losing 41 %. According to the data provided by Kriptokoin.com, the decline trend for Solana may continue and the price may test critical support levels.
Solana broke the rising channel, bears took control
Solana was traded in the rising parallel channel since June 2023. However, recently entered the downward trend by breaking the lower limit of this channel. In technical analysis, such a break shows that the sellers take control in the market and that the rise trend is over.
The rising parallel channels indicate that the price moves in a certain trend and that the recipients come into play every decline. However, Solana’s falling under this channel indicates that investors are turning to sale and lost their power of bulls. This shows that the price may lose more.
Elder-ray index gives a red alarm for solana
According to the technical analysis of Kriptokoin.com, Solana’s Elder-ray index has been watching in the negative region since January 27th. Currently, this indicator at -30.4 shows that the market is under strong sales pressure and is discussing the control of bears.
Elder-ray index is an indicator that measures the power of buyers and sellers. The fact that the negative region is in the negative area indicates that the sellers are more dominant in the market and the price tends to decline. If this trend persists, the price of Solana may further further.
Can left 136 dollars test?
According to technical indicators, the price of Solana may drop to $ 136.62, depending on the fibonacci retreat levels. If there is no strong receiver support at this level, the price may decrease to $ 120.72. This will be one of the lowest levels Solana has seen in September.
However, if the re -purchase pressure in the markets increases, the price can be recovered. If the left exceeds the level of $ 171.81 and rises again, the first target can be $ 220.58. In order to handle the control of the bulls, Solana needs to enter the rising channel again. Critical days are approaching for Solana investors. If the bears maintain pressure, the price can go down to new bottom levels. However, if the sensitivity in the market changes, there is a strong rise for Solana!
