Solana Forecast
Since peaking in Nov 21 Solana has been in a strong downtrend forming a downward channel on the daily timeframe, and after increasing over 200% in price since Dec 22 Solana is now currently testing an important resistance which is the top of the trendline channel that price has respected since Apr 22.
This structure level also acted as support back in May, June and July of 21 and again in June of 22.
If Solana decides to break through the trendline resistance and structure zone at approx $23 to $25 that would increase the probability of Solana testing $30 (red trendline) and $37 (Nov high)
On the other hand if Solana gets rejected from this current level there's a strong possibility that price could fall to $15 (61.8 fib retracement) or worst case bottom of the trend channel.
Trade green
This structure level also acted as support back in May, June and July of 21 and again in June of 22.
If Solana decides to break through the trendline resistance and structure zone at approx $23 to $25 that would increase the probability of Solana testing $30 (red trendline) and $37 (Nov high)
On the other hand if Solana gets rejected from this current level there's a strong possibility that price could fall to $15 (61.8 fib retracement) or worst case bottom of the trend channel.
Trade green
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