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Before SOL rises to $325, the price of Solana creates a bear trap.
After forming a bear trap, the price of solana is slowly preparing a recovery.
The $209 level will be important to monitor since SOL must move over it in order for a 54 percent rally to be on the table.
If selling pressure rises, the Ethereum-killer will find dependable support near $185.
Since mid-September, the price of solana has been continuously rising, indicating an optimistic outlook. However, the Ethereum killer just produced a bear trap by slicing below the bottom border of the ruling technical pattern, perplexing expectations. If SOL is able to regain $209, the altcoin’s value might increase by 54%.
The price of solana must return to a crucial level.
On the daily chart, the price of solana has formed an upward parallel channel, indicating an upbeat outlook. SOL cut below the current chart pattern’s negative trend line on November 26, signaling that the uptrend is in risk. However, technical signs indicate that the latest bottom was only a bear trap.
While the price of Solana fell to a swing low of $182, the Relative Strength Index (RSI) did not fall to a new low, suggesting a bullish divergence. This trading signal indicates that the bears are losing control of…
