Solana (SOL) Sees Potential Wipeout Based On Bearish Technical Indicator

Solana (SOL) price has enjoyed a winning streak by a whopping 75% as seen in the past two months after it has capsized to a mere $25.75. SOL forms head-and-shoulders pattern hinting at bearish movement. Solana’s 75% gain witnessed in the past two months may be a potential fake-out. SOL price down by 2.40% and trading at $42.86 as of press time. However, the gains may prove to just lead the traders on due to an impending bearish movement. Does this hint at a potential bullish fake-out? SOL formed a head-and-shoulders pattern which can be resolved once the price breaches below the neckline. Solana has been showing a consistent bearish outlook as seen on the charts. Related Reading: Decentraland Momentum Pushes MANA Into Consolidation Phase’s Higher Rung SOL Forms H&S Pattern; Indicates A Bearish Standpoint Judging by the weekly chart, SOL has formed the right shoulder or a part of the H&S pattern which indicates a correction reaching $27 that could happen sometime in the second quarter of 2022. Inevitably so, a breach below the $27 zone could trigger a correction moving towards $2.80. More so, a decline in token price by 95% may occur at the end of 2022 or the early part of 2023 as forecasted by Profit Blue, a crypto analyst. According to CoinMarketCap, Solana price has nosedived by 2.40% or trading at $42.86 as of this writing. Solana’s bearish behavior has become apparent as it’s impacted by Fed issues and trends that ...