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Solana Technical Analysis Report 25 April, 2024

Dmitry Chernovolov Market Analyst

Solana cryptocurrency can be expected to fall further toward the next support level 130.00, target price for the completion of the active impulse wave (i).

– Solana reversed from resistance level 160.00

– Likely to fall to support level 130.00

Solana cryptocurrency recently reversed down with the daily Japanese candlesticks reversal pattern Shooting Star from the resistance zone set between the resistance level 160.00 (former support from the middle of March), 20-day moving average and the 50% Fibonacci correction of the previous downward impulse from the start of April. The downward reversal from the resistance level 160.00 stopped the pervious medium term ABC correction (2).

Given the strength of the resistance level 160.00 and the bearish sentiment affecting the cryptocurrency markets today, Solana cryptocurrency can be expected to fall further toward the next support level 130.00, target price for the completion of the active impulse wave (i).

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