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Bearish Charts Hint SOL Could Hit $70 Before Another Oversold Bounce

Stefan by Stefan
23/01/2022
in Altcoin News
Reading Time: 2 mins read
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The bearish charts hint SOL could hit $70 after another oversold bounce sparks a new movement as we can see more in today’s latest altcoin news.

Solana could fall to $70 per token in the upcoming weeks as the head and shoulders pattern emerged on the daily timeframe and could point towards a 45% decline. The bearish charts hint that the SOL price rallied to $217 initially but then dropped to a support level near $134. SOL then tried to establish a new high of $260 and earlier this week the price dropped back to test the same $134 support level before breaking the 2022 low at an $87.73 price range.

btcusd
BTCUSD vs. ETHUSD weekly price chart. Source TradingView

The phase of price action seems to have formed a head and shoulders setup and a bearish reversal pattern that contained three consecutive peaks with the middle one set at $257 coming out to be higher than the two set at $200 and $210. In the meantime, SOL’s three peaks stood atop a common support level at $134, and a fall below only signals an extended downtrend to the level at a length equal to the maximum distance between the head and the neckline. In SOL’s case, the distance is near $137 which puts the head and shoulders price target at $170.

solusd
SOLUSD daily price chart. Source TradingView

The bearish outlook came as the SOL price dropped by 22% this week and now the altcoin is around 55% from its high, in line with other larger-cap digital assets like BTC and Ether. At the center of the ongoing crypto market drop in the US after the FED decision to unwind a $120 billion per month asset purchasing program followed by three or more interest rates hikes in 2022. The central bank’s monetary policies assisted in pumping the market’s valuation from $128 billion since 2020 as high as $3 trillion in 2021. The evidence of tapering was influencing the investors to limit their exposure in the markets including Solana which gained $12,500 since March 2020.

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solusd
SOLUSD weekly price chart featuring head and shoulders setup. Source TradingView

As a result, if the market continues declining in the sessions ahead, SOL can be at risk of validating the head and shoulders setup. While SOL’s timeframe charts lean on a prolonged bearish setup, its short-term outlook looks quite bullish. This is mainly due to two factors. First, SOL’s price dropped to a critical support level at $116 which was instrumental in limiting the attempts for the downside and its daily relative index also dropped to below 30 which is a classic buy signal.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: another bouncebearish chartshint soloversold bouncesol pricesolana pricesolana sol price
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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