|

Solana price has Smart Money traps embedded in the price action

  • Solana price has breached the 50-day moving average.
  • SOL is coiling into a wedge-like pattern.
  • Invalidation of the bearish thesis is a close above $110.

Solana price could fall towards $80 to grab liquidity as the bulls have yet to show any interest in the $97 price levels. To create a climatic downslide, market makers could entice traders to open long positions in the coming weeks. 

Solana price says, "expect choppy fakeouts" 

Solana price is currently trading at $97 and coiling into a wedge-like pattern. The wedge pattern forecasts a 6-10% move which could take the price back to $105. However, analyzing the technicals proposes that this wedge could be a part of a larger complex correction. If traders get overzealous, Solana price could trap traders on the wrong side of the trend.

Solana price is back above the buyers' territory on the daily Chart, which confuses a bullish counter-trend move. However, the 50-Day moving average has already been breached and retested before being suppressed to the current $97 levels. The SOL price could continue to chop around this area before making way to $88 and $80

TM/SOl/4.27.22

SOL/USDT 4-Hour Chart

Traders should look for better opportunities in the market to avoid unnecessary losses. This Chart is very complex and does not forecast any significant moves at the moment. Invalidation of the current bearish thesis is a close above $110. If this price breach occurs, a revised count will be necessary. There is a slim chance Solana price could climb to $120, resulting in a 25% increase from the current price.

Author

Tony M.

Tony M.

FXStreet Contributor

Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.

More from Tony M.
Share:

Editor's Picks

Stellar mixed sentiment caps recovery

Stellar price remains under pressure, trading at $0.170 on Tuesday after failing to close above the key resistance on Sunday. The derivatives metric supports the bearish sentiment, with XLM’s short bets rising among traders and funding rates turning negative.

Jupiter  rises on native SOL staking, TVL rebound

Jupiter edges higher by 3% at press time on Tuesday, approaching the $0.1700 level. The lending protocol announced native staking as collateral, allowing users to borrow against natively staked SOL on certain vaults.

Rocket Pool price extends rally as Saturn One upgrade boosts sentiment

Rocket Pool price extends its gains, trading above $2.80 on Tuesday after rallying over 58% in the previous day. The upcoming Saturn One network upgrade on Wednesday has fueled renewed buying interest.

Pi Network rallies ahead of its first anniversary

Pi Network trades above $0.1800 at the time of writing on Tuesday, recording nearly 5% gains so far. On-chain data indicate that large wallet investors, commonly known as whales, have accumulated approximately 4 million PI tokens over the last 24 hours.

Bitcoin Price Annual Forecast: BTC holds long-term bullish structure heading into 2026

Bitcoin (BTC) is wrapping up 2025 as one of its most eventful years, defined by unprecedented institutional participation, major regulatory developments, and extreme price volatility.

Bitcoin: BTC bears aren’t done yet

Bitcoin (BTC) price slips below $67,000 at the time of writing on Friday, remaining under pressure and extending losses of nearly 5% so far this week.