Is the Solana price setting up a sweep-the-lows event?

Solana price declines rapidly amidst the Fed-hike decision.
The rejection occurred near a previous triangle apex with strong resistance levels on the Relative Strength Index.
Invalidation of the downtrend is a breach above $33.

Solana price is declining in a free-fall fashion following the recent Fed meeting. Key levels have been defined to gauge a potential landing zone for the centralized smart-contract token.

Solana price falls flat

Solana price shows concern during the first week of November following the Fed interest rate decision. The Fed's decision to raise rates by an additional 75 bps has ricocheted inversely in the crypto markets as nearly all digital assets have lost market value.

If market conditions persist, Solana price may end up challenging the October lows near $27.=

Solana price currently trades at $30.70. Following the Fed-induced 7% decline, the bears have breached the 8-day exponential moving average and are currently testing the waters above the 21-day simple moving average (SMA). A failure to find support from the barriers could wreak havoc on the SOL price.

The Relative Strength Index compounds the notion that a sell-off might be underway, as the SOL price was rejected at the indicators resistant zone on the 1-day chart. Solana's candlestick price action also failed to close above the previous triangle apex established in September.

SOL/USDT 1-Day Chart

Combining these factors, the SOL price could be in for a slippery slope in the coming days. If the 21-day SMA does not sustain as support, a breach of the October lows at $27 will be imminent.

Still, an invalidation of the downtrend is possible. If the bulls can breach the apex at $33, they may be able to pull off a countertrend rally into the $40 swing highs established in September. Such a move would result in a 30% increase from the current Solana price.

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