The Solana price has decreased since its high of $126 on December 25, 2023. It created successive bearish weekly candlesticks for the first time since October.
Will the SOL price continue falling this week, or has the bottom been reached? Let’s find out!
Solana Starts 2024 on a Bearish Note
SOL’s price has risen since breaking through a descending resistance trend line in July 2023. In September, it confirmed the same trend line as a support, accelerating the upward trajectory. This climb peaked at $126 in December, marking the top of the upward movement that started in 2023.
Notably, this surge led to a breakout above the 0.382 Fib retracement resistance level, encompassing the entire downward movement from the all-time high. However, the price failed to break out from a long-term horizontal resistance area.
Additionally, a recent downturn has caused SOL’s price to dip below the Fib level, classifying the prior breakout as a deviation (red circle).
Finally, it is worth mentioning that SOL created successive bearish weekly candlesticks for the first time since October 2023. The Solana price also reached a weekly close below $100.
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Author: Valdrin Tahiri
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