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Just like the rest of the market, the Solana price had previously hit a roadblock when the resistance was mounted. This put his recovery dead in his spurs before reaching the level of $ 180 and caused a downward spiral. However, a crypto analyst has warned investors against panic during this time and explains that this is the time to be patient.
Wait for more defined trends
In a trade afterCrypto analyst Sidec explained the current situation around the Solana Prize and warned investors not to be in a hurry to enter the coin. They point out that at this level, where the Solana price has been resisted, it is a great risk for those who hurry to get to the market.
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As explained, there are $ 175- $ 183 historical resistance zones for the Altcoin, so it is no surprise that investors choose these levels to leave after the recent market dump. Moreover, smart money is also looking for liquidity at these levels, and the Solana price is susceptible to false outbreak because of this development.
When it comes to Solana’s actions, the Crypto analyst explains that investors have to wait until one of the two things happens. Either there is a withdrawal into the Solana price and this falls in the direction of a “confluence-rich support zone” or waits for a clean outbreak above the resistance at $ 183, as well as a retest and confirmation.
With the current trend, the analyst now identified the two most important zones for the Solana price. The first is $ 179.85, which was recently tested, and then $ 180.52, which still has to be tested. The last, for $ 180.52, holds the key as a break above this level would be the confirmation that is needed for a strong bullish continuation.
Solana Price completes Elliot Wave Count
Another interesting development for the Solana Prize indicating the Crypto analyst is the fact that the altcoin has completed a 5 golf sequence. The Elliot golf theory comes in just five waves and with the completion this can mean that the bull rally is over for the Solana price. The following that could happen here is that the price continues to correct before the confirmation leads to a bullish continuation.
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The formation of the FIB -Span fans, as noted by the analyst, also suggests that the price could continue to correct here. “The 0.618 FIB Speed-Ventilator-pulled from the all-time high at $ 295.83 to the Swing low at $ 95.26 paste perfectly with this resistance zone, which adds more weight to the idea of a potential rejection or break,” the analyst wrote.
In view of these developments, the Crypto analyst has preferred possible access points for long AD Short positions. For bulls that go for a long time, the level of $ 165.42- $ 164.25 can offer. While for short traders the best installation shows a reversal play and input for $ 200.
Featured image of dall.e, graph of tradingview.com