- Solana price has broken through a previous resistance zone.
- Sol price has declined 17% in the last two days.
- Invalidation is a close above $137.
Solana price is likely to continue heading south following the large bearish engulfing candle printed on the 3-day chart.
Solana price is in jeopardy
Solana price shows bearish strength as the digital asset has declined 17% in the last two days. It was mentioned in last week’s thesis that the 40% target forecasted from the early March trade setup was likely to have been reached. Traders were warned to no longer aim for $150 and secure profits in the $135 zone. Shortly after issuing the article, Solana price flagrantly fell through a previous resistance zone, printing a large bearish engulfing candle.
Solana price is currently trading at $116. Traders should expect choppy countertrend price action before more downslide continues. The Relative Strength Index double topped exactly at the sellers’ level, and the volume indicates bearish control. There is no reason to look for countertrend scalps at the current time. Traders can look to short around $125 and send the digital asset back to $100.
SOL/USDT 3-Day Chart
Invalidation will be a close above $137. The $150 target would be back on the table if this were to occur, resulting in a 27% increase from the current SOL price.
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