SOL Price Hints A Fall For The Ages, Ending 2023 Under $50?
With markets stepping back as the ETF optimism stalls, the altcoins roll down on a bearish slope. Solana’s market cap falls from $23.3 Billion to $22.5 Billion, and the SOL price drops close to the psychological mark of $50.
Moreover, the sellers are preparing a guerilla move to overtake control with a bearish continuation pattern arising in the Solana price chart. Despite such increasing volatile stepbacks, the Solana price prediction shows a bullish way to go for the long term.
Source – TradingView
The SOL price trend has sustained a bullish trend over the past few weeks with the help of big names like Cathie Wood, highlighting Solana’s capabilities. The growing network and the users’ confidence in the Solana blockchain have kept the uptrend.
However, the recent sideways move in the 4-hour chart warns of a big setback with a bearish head and shoulder pattern. Further, the bearish plan of action questions the bullsih authority over an ascending support trendline.
Suppose the buyers fail to bounce the SOL prices back above the trendline; a bearish breakdown will cause the growth to crumble over the weeks. Liquidating bullish positions, the Solana market value can plunge to more than 10% daily.
Currently, the SOL price trades at $54.88, with a small light of hope burning with the long tail rejection from the trendline.
RSI: The daily RSI line maintains a declining trend in the 4-hour chart during the sideways phase. Highlighting an underlying weakness, the momentum indicator warns of a bearish reversal.
EMAs: Breaking under the 50 EMA, the SOL price is tracking down to the 200 EMA, teasing a pullback to $45.
Will the SOL Price Rise Again?
In the daily chart, the bulls dominate, and the overall market shares similar sentiments as the year ends. However, a setback in the 4-hour chart can ignite a domino effect and turn the tables in the daily chart.
Therefore, the SOL price must sustain the uptrend and protect the ascending trendline from fracturing under selling pressure. Considering the buyers’ manage to sustain trend momentum, the bullish rally can return to the $75 mark.
Conversely, a downside reversal under the $50 mark can drop the prices to $44-$45.