Bitcoin

Solana

<p><em><strong>The creation of a double top pattern during a general market decline suggests that the price of Solana could continue to drop further.</strong></em></p><h2 id="header-0">Chika Moji New Memecoin Claim Instant 100,000 Chika Tokens $100 Free, Claim Airdrop Now On<a href="https://chikamoji.lol/" rel="noopener noreferrer nofollow"> ChikaMoji.lol</a></h2><p><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/Red-and-White-Modern-Corporate-Sports-YouTube-Outro-1.png?fit&#61;1920%2C1080&amp;ssl&#61;1" /></p><p>In the current market downturn, Solana, a layer 1 cryptocurrency, is having difficulty maintaining its position above $205. It has faced rejection twice in three weeks, <a href="https://cryptosheadlines.com/cardano-ada-forms-pattern-that-could-spark-32-price-surge/" rel="noopener noreferrer nofollow">forming a double-top pattern</a>. This pattern, appearing after a long period of price increases, indicates that SOL holders could experience a notable correction in the near future.</p><h3 id="solana-sol-price-analysis-recent-trends-and-liquidations">Solana (SOL) Price Analysis: Recent Trends and Liquidations</h3><p><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/04/cryptosheadlines002-1.png?resize&#61;640%2C307&amp;ssl&#61;1" /></p><p>Solana Price| Tradingview</p><p>Since late January, Solana (SOL) has skyrocketed by 166%, hitting a high of $210, the highest in 27 months. However, the momentum slowed down as it struggled to surpass this <a href="https://cryptosheadlines.com/dogecoin-price-prediction-support-and-resistance-levels/" rel="noopener noreferrer nofollow">resistance level</a> due to market consolidation.</p><p>On April 1st, SOL faced its second reversal from the $205 resistance, leading to a 12% drop to $179.8. This decline resulted in the liquidation of $20 <a href="https://cryptosheadlines.com/ark-invest-buys-8-million-worth-of-coinbase-shares-on-international-workers-day/" rel="noopener noreferrer nofollow">million worth</a> of Long positions, according to Coinglass, a derivative market tracker.</p><h3 id="strong-solana-sol-weekly-chart-analysis-potential-bullish-reversal-strong"><strong>Solana (SOL) Weekly Chart Analysis: Potential Bullish Reversal</strong></h3><p><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/04/cryptosheadlines003-1.png?resize&#61;640%2C307&amp;ssl&#61;1" /></p><p>Solana Price| Tradingview</p><h2 id="header-1">Chika Moji New Memecoin Claim Instant 100,000 Chika Tokens $100 Free, Claim Airdrop Now On<a href="https://chikamoji.lol/" rel="noopener noreferrer nofollow"> ChikaMoji.lol</a></h2><p><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/Red-and-White-Modern-Corporate-Sports-YouTube-Outro-1.png?fit&#61;1920%2C1080&amp;ssl&#61;1" /></p><p>Looking at the weekly chart, it’s clear that SOL is forming a substantial rounding bottom pattern, which is known as a strong indicator of a trend reversal. This <a href="https://cryptosheadlines.com/bonk-price-prediction-chart-pattern-suggests-end-of-correction-0-000025-possible/" rel="noopener noreferrer nofollow">pattern suggests</a> that the downward trend is coming to an end and could mark the start of a new upward trend.</p><p>With consistent buying pressure, <a href="https://cryptosheadlines.com/solana-sol-surges-10-weekly-will-it-reach-25/" rel="noopener noreferrer nofollow">SOL has the potential to surge</a> up to $260. This target aligns with the strength of the rounding bottom pattern, indicating significant buying support.</p><p><a href="https://cryptosheadlines.com/cardano-price-potential-repeating-2021-surge/" rel="noopener noreferrer nofollow">Also Read:   Cardano Price Potential: Repeating 2021 Surge</a></p><h3 id="strong-key-technical-indicators-strong"><strong>Key Technical Indicators</strong></h3><ul><li><strong><em>Exponential Moving Average (EMA):</em></strong> The 20-day and 50-day EMA slopes are crucial support levels for buyers during market corrections, providing key pullback zones.</li><li><strong><em>Directional Movement Index (DMI):</em></strong> The DI&#43; (blue) and DI- (orange) slopes are showing signs of a potential bearish crossover, indicating the development of a corrective trend in this altcoin.</li></ul><p><em><strong>Important:</strong> Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.</em></p>

Solana Price Predicted to Drop 25% During Market Correction

Table of Contents

CryptosHeadlines.com

Other articles published on Apr 2, 2024

Top Analyst Expects A 30% Bitcoin Price Correction To Be Extremely Bullish

Peercoin Foundation is on the Verge of Cracking Off-Chain Smart Contracts

Bitcoin Experiences Significant Price Retreat, Experts Weigh In

Embark on DeeStream’s Presale Journey Toward 100X Gains: First Digital USD and Kaspa Rush In Earl...

Dogecoin Poised for 600% Rally, Analyst Predicts $1.5 For DOGE

Mysterious 134 Million DOGE Purchase Spotted on Robinhood as Price Falls 12%

Join our free newsletter for daily crypto updates!