Token

Solana

Elite

The Graph

<p>Solana (SOL), currently trading at $186.39, has experienced a 7.7% increase in its price. However, according to a recent analysis by trader <a href="https://www.tradingview.com/chart/SOLUSDT/yuI5aTLc-Solana-Update-New-High-Now-What/" target="_blank" rel="noopener noreferrer nofollow">Alan Santana</a>, the cryptocurrency’s strong weekly session, which is entirely bearish, may indicate the beginning of a significant correction.</p>
<h2 class="wp-block-heading" id="perfect-shape-and-proportion-of-the-bullish-wave">Perfect Shape and Proportion of the Bullish Wave</h2>
<p>Santana points out that the bullish wave in Solana’s price action has a perfect shape and proportion. This observation suggests that the current price movement is following a well-defined pattern, which could provide insight into future price action.</p>
<p>The trader also notes that each time the market stops, Solana enters a long period of consolidation. These consolidation phases are essential for the cryptocurrency to establish new support and resistance levels, which can help traders make informed decisions about entering or exiting positions.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="560" src="https://captainaltcoin.com/wp-content/uploads/2024/03/image-1126-1024x560.png" alt="" class="wp-image-459495" srcset="https://captainaltcoin.com/wp-content/uploads/2024/03/image-1126-1024x560.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-1126-300x164.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-1126-766x419.png 766w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-1126-1536x840.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-1126-2048x1120.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-1126-274x150.png 274w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-1126-100x55.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-1126-640x350.png 640w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-1126-788x430.png 788w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<h2 class="wp-block-heading" id="red-week-as-a-warning-sign">Red Week as a Warning Sign</h2>
<p>Santana is concerned about the strong bearish nature of the current weekly session and the high trading volume. A red week, in this context, can signal the start of a major correction that could last for several months.</p>
<p>Given the potential for a prolonged downtrend, the trader advises caution when considering investing in Solana at the current price levels.</p>
<div class="wp-block-rehub-colortitlebox rh-colortitlebox" style="text-align:left;border-radius:5px;box-shadow:0 10px 10px #00000007;background-color:#fafafa;color:">
 <div class="rh-colortitle-inbox" style="background-color:var(--rehub-main-color);color:#fbfbfb;border-radius:5px 5px 0 0"><i class="rhicon rhi-bolt-regular rh-colortitlebox-icon" style="color:"></i>
  <div class="rh-colortitle-inbox-label">
   Explosion in Meme Coin Market; How to find potential successors to $WIF, $PEPE, and $BONK? <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f92b.png" alt="🤫" class="wp-smiley" style="height: 1em; max-height: 1em;">
  </div>
 </div>
 <div class="rh-colortitlebox-text">
  <style scoped>.rh-toggler-open{height:auto !important}
.rh-toggler-open .rh-tgl-show, .rh-toggler-open .rh-tgl-grad{display:none !important}
.rh-toggler-open .rh-tgl-hide{display:block !important}
.rh-tgl-show, .rh-tgl-hide{cursor:pointer}
.rh-contenttoggler *{box-sizing: border-box !important}
.rh-toggler-wrapper{overflow: hidden;transition: all 0.5s ease; padding-bottom: 35px; margin-bottom:30px;box-sizing: content-box !important;position: relative;}
.rh-toggler-wrapper p:last-of-type {margin-bottom: 0;}</style>
  <div class="wp-block-rehub-contenttoggler rh-contenttoggler" data-height="100px">
   <div class="rh-toggler-wrapper" style="height:100px">
    <p>The key? Getting in early, especially during the <strong>ICO phase</strong>. Check out <a href="https://captainaltcoin.com/go/ll_inside/" target="_blank" rel="noopener noreferrer nofollow"><strong>NuggetRush</strong></a> today! This new memecoin combines play-to-earn gaming with authentic gold mining ventures. <a href="https://captainaltcoin.com/go/ll_inside/" target="_blank" rel="noopener noreferrer nofollow"><strong>Seize the opportunity</strong></a> with ongoing presale prices! Plus, prepare for $NUGX’s upcoming launch on major exchanges.</p> <span class="rh-tgl-trigger" style="text-align:center;position:absolute;z-index:2;bottom:0;left:0;width:100%;color:"><span class="rh-tgl-show" style="display:block">Show more +</span><span class="rh-tgl-hide" style="display:none">Show less –</span></span><span class="rh-tgl-grad" style="background-image:linear-gradient(to bottom,rgba(255,255,255,0) 0,#ffffff 100%);display:block;position:absolute;height:100px;bottom:0;left:0;z-index:1;width:100%"></span>
   </div>
  </div>
 </div>
</div>
<h2 class="wp-block-heading" id="waiting-for-new-support-levels">Waiting for New Support Levels</h2>
<p>Santana advises investors buying Solana in anticipation of the 2025 bull run to wait for the establishment of a new support level before entering a position. By waiting for a clear support level to form, traders can minimize their risk and increase the likelihood of profiting from future price appreciation.</p>
<p>In light of the potential correction, the trader emphasizes the importance of selling at resistance (high) and buying at support (low). This classic trading strategy, often summarized as “sell high, buy low,” can help investors maximize their returns while minimizing their risk exposure.</p>
<p>By selling Solana when it reaches resistance levels and buying back in when it finds support, traders can take advantage of the cryptocurrency’s price fluctuations and potentially increase their overall profits.</p>
<p>Alan Santana’s analysis of Solana’s current price action serves as a cautionary tale for investors and traders alike. High trading volume and a strong bearish weekly session suggest that a significant correction may be imminent.</p>
<p>Santana advises waiting for new support levels to establish before buying Solana in anticipation of the 2025 bull run to navigate this potential downtrend. Additionally, the trader emphasizes the importance of selling at resistance and buying at support to maximize returns and minimize risk.</p>
<p>You may also be interested in:</p>
<ul>
 <li><a href="https://captainaltcoin.com/is-the-solana-era-ending-elite-analyst-bets-on-coinbases-layer-2-ecosystem-heres-his-outlook/" target="_blank" rel="noopener noreferrer nofollow">Is the Solana Era Ending? Elite Analyst Bets on Coinbase’s Layer 2 Ecosystem – Here’s His Outlook</a></li>
 <li><a href="https://captainaltcoin.com/stacks-stx-price-eyes-4-following-30-pump-while-the-graph-grt-consolidates-heres-why/" target="_blank" rel="noopener noreferrer nofollow">Stacks (STX) Price Eyes $4 Following 30% Pump While The Graph (GRT) Consolidates – Here’s Why</a></li>
 <li><a href="https://captainaltcoin.com/the-2024-launchpad-token-outlook-bull-run-investment-strategy/" target="_blank" rel="noopener noreferrer nofollow">The 2024 Launchpad Token Outlook: Bull Run Investment Strategy</a></li>
</ul>
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style="">
 <div class="col_wrap_two mb0">
  <div class="offerbox_big_wrap flowhidden">
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"><a class="re_track_btn" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/Copy-of-P2P-Review-17-qi3pqhl3pi3mlojv8nq0upz5rcb68rblc7kuvhcaou.png" width="500" alt="Check NuggetRush ($NUGX)" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a>
   </div>
   <div class="product-summary col_item mobileblockdisplay">
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-ll_bottom-target-_blank-rel-noopener-noreferrer-nofollow-span-check-nuggetrush-nugx-span-a"><a class="re_track_btn" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="noopener noreferrer nofollow"> <span>Check NuggetRush ($NUGX)</span> </a></h3>
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20">
     Sponsored: Invest Responsibly, Do Your Own Research.
    </div>
    <div class="buttons_col mb25 rh_big_btn_inline">
     <div class="priced_block clearfix">
      <div><a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="noopener noreferrer nofollow"> Buy NUGX Today </a>
      </div>
     </div>
    </div>
    <div class="bigofferdesc"><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Being in its <strong>ICO stage</strong>, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>A unique <strong>play-to-earn</strong> gaming platform in the memecoin market <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>The platform combines artisanal and <strong>gold mining</strong> with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Fosters a strong <strong>community </strong>by encouraging physical meetups among members <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i><strong>NFT</strong> Integration with Prominent Characters
    </div>
   </div>
  </div>
 </div>
</div>
<p>The post <a href="https://captainaltcoin.com/solana-sol-can-enter-a-correction-that-can-last-many-months-warns-analyst/" rel="noopener noreferrer nofollow">Solana (SOL) Can Enter a Correction That Can Last Many Months, Warns Analyst</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Solana (SOL) Can Enter a Correction That Can Last Many Months, Warns Analyst

Indice dei contenuti

CaptainAltcoin

Altri articoli pubblicati su 25 mar 2024

Hong Kong’s Financial Regulator Flags Two Platforms on Crypto-Related Fraud

BlackRock Bets Big on Real-World Assets: Tokens to Watch

Does Trump Still Hold Ethereum? Here's What He Lost Out On And What He Still Has, According to Hi...

SEC and Terra (LUNA) Hearing Begins – Here's the First Insider Information

Why is LTO Network (LTO) Token Price Surging?

Major Crypto Events This Week: Economic Data, Halving Hype, and Legal Drama!

Iscriviti alla nostra newsletter gratuita per aggiornamenti giornalieri sulle criptovalute!