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Like the rest of the market, the Solana Price had previously struck a roadblock as a mounted resistance. This stopped its dead recovery on its traces before reaching the level of $ 180 and triggering a descending spiral. However, an Crypto analyst warned investors against panic during this period, explaining that it is time to be patient.
Wait more defined trends
In a tradingView jobCrypto Sidec analyst explained the current situation surrounding the Solana price, warning investors not to be in a Hurry up to enter the room. They emphasize that at this level, where Solana’s price has reached resistance, it presents a lot of risks for those who rush on the market.
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As explained, $ 175 at $ 183 are Historical resistance zones for AltcoinIt is therefore not surprising that investors choose these levels to leave after the recent market dump. In addition, Smart Money is also looking for liquidity at these levels, and Solana’s price is subject to false eruptions because of this development.
Regarding Solana’s trading, the crypto analyst explains that investors must wait for one of the two things to happen. Either there is a decline in Solana’s price and it falls to a “area of ​​support rich in confluence”, or wait for a clean rupture above the resistance at $ 183, as well as a retest and a confirmation.
With the current trend, the analyst identified both Key areas for Solana Price NOW. The first is at $ 179.85, which was recently tested, then $ 180.52, which has not yet been tested. The latter, at $ 180.52, holds the key as a rupture above this level would be the necessary confirmation for a strong bullish continuation.
Solana Price completes the number of Elliot waves
Another interesting development for the Solana price that the Crypto analyst underlines is the fact that the altcoin a sequence of 5 waves finished. The Elliot wave theory is available in five waves and with completion, this could mean that the The Taureau rally is finished for the Solana price. The next thing that could happen from here is that the price continues to correct, before confirmation leads to a bullish continuation.
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The formation of the FIB cruise fan model, as the analyst pointed out, also suggests that the price could correct more from here. “The 0.618 FIB cruise fan – taken from the top of all time to $ 295.83 at the low swing at $ 95.26 – is aligning itself perfectly with this resistance area, adding more weight to the idea of ​​a rejection or a potential break,” wrote the analyst.
Given these developments, the Crypto analyst preferred possible entry points for long short positions of the ad. For the bulls taking place, the level of $ 165.42 to $ 164.25 could offer an opportunity. While for short traders, the best configuration shows an inversion game and a $ 200 entry.
Dall.e star image, tradingView.com graphic
