{"id":563953,"date":"2023-12-05T18:00:57","date_gmt":"2023-12-05T18:00:57","guid":{"rendered":"https:\/\/wncen.com\/?p=563953"},"modified":"2023-12-05T15:02:20","modified_gmt":"2023-12-05T15:02:20","slug":"analyst-solana-risk-pullback-here-is-target","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/solana\/analyst-solana-risk-pullback-here-is-target\/","title":{"rendered":"Analyst Says Solana At Risk Of Pullback: Here Is The Target"},"content":{"rendered":"

An analyst has explained how Solana may be at risk of a correction based on the data of two SOL technical indicators.<\/p>\n

Solana Has Recently Observed The Formation Of Two Bearish Signals<\/h2>\n

In a new post<\/a> on X, analyst Ali has discussed why SOL could be at risk of seeing a retracement shortly. The analyst has referred to two technical indicators for the coin: the TD Sequential and RSI.<\/p>\n

The first of these, the Tom Demark (TD) Sequential<\/a>, is a metric generally used for spotting probable reversal points\u00a0in any asset’s price. The indicator has two phases, the first of which is a nine-candles-long “setup” phase.<\/p>\n

When nine candles of the same polarity are in following a reversal in the price, the TD Sequential setup is said to be complete, and the asset could be assumed to have reached a likely point of a trend shift.<\/p>\n

Related Reading: Crypto Analyst Says It\u2019s \u201cNot Too Late\u201d To Buy Ethereum, Here\u2019s Why<\/a><\/div>\n

Naturally, if the candles are green, the setup’s completion would point towards a top, while red candles would imply a bottom formation. Once the setup is over, a thirteen-candles-long countdown phase starts. At the end of these thirteen candles, another probable change of direction happens for the chart.<\/p>\n

According to Ali, a setup phase has recently formed for Solana. Below is the chart shared by the analyst that shows this TD Sequential pattern in the weekly price of the cryptocurrency.<\/p>\n

\"Solana<\/p>\n

The trend in the 1-week price of the asset | Source: @ali_charts on X<\/a><\/pre>\n
The graph shows that the TD Sequential setup has recently been completed with green candles, implying that the price may have already reversed toward a bearish trend.<\/p>\n
In the same chart, Ali has also attached the data for the second relevant indicator: the Relative Strength Index (RSI)<\/a>. The RSI is a momentum oscillator that keeps track of the speed and magnitude of the recent changes in an asset’s price.<\/p>\n
This indicator determines whether the asset is undervalued or overvalued at the moment. When the metric has a value greater than 70, it can be a sign that the asset is overbought, while it being under the 30 mark suggests an oversold condition.<\/p>\n
As is apparent from the graph, the Solana RSI recently broke above the 70 mark and has remained inside the territory, suggesting that SOL has been overvalued recently.<\/p>\n
Related Reading: Bitcoin Triumphs Over $41,000, But Here\u2019s What Could Prevent $50,000<\/a><\/div>\n
This would mean that two bearish signals are looming over the cryptocurrency’s head right now. “A spike in profit-taking could trigger a retracement to $47.6,” says the analyst. From the current price, such a potential correction to $47.6 would mean a drawdown of over 20%.<\/p>\n
Solana’s fate may yet be averted; however, as the analyst explains, “SOL would have to print a weekly candlestick close above $68.4 to invalidate the bearish outlook and aim for $108.”<\/p>\n
SOL Price<\/h2>\n
Solana had rallied above the $65 mark yesterday, but the asset has already seen a pullback as it’s now trading around $60.<\/p>\n
\"Solana<\/p>\n
Looks like SOL has gone through some drawdown during the past day | Source: SOLUSD on TradingView<\/a><\/pre>\n
Featured image from Shutterstock.com, charts from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
An analyst has explained how Solana may be at risk of a correction based on the data of two SOL technical indicators. Solana Has Recently Observed The Formation Of Two Bearish Signals In a new post on X, analyst Ali has discussed why SOL could be at risk of seeing a retracement shortly. The analyst has referred to two technical indicators for the coin: the TD Sequential and RSI. The first of these, the Tom Demark (TD) Sequential, is a metric generally used for spotting probable reversal points\u00a0in any asset’s price. The indicator has two phases, the first of which is a nine-candles-long “setup” phase. When nine candles of the same polarity are in following a reversal in the price, the TD Sequential setup is said to be complete, and the asset could be assumed to have reached a likely point of a trend shift. Related Reading: Crypto Analyst Says It\u2019s \u201cNot Too Late\u201d To Buy Ethereum, Here\u2019s Why Naturally, if the candles are green, the setup’s completion would point towards a top, while red candles would imply a bottom formation. Once the setup is over, a thirteen-candles-long countdown phase starts. At the end of these thirteen candles, another probable change of direction happens for the chart. According to Ali, a setup phase has recently formed for Solana. Below is the chart shared by the analyst that shows this TD Sequential pattern in the weekly price of the cryptocurrency. The trend in the 1-week price of the asset | Source: @ali_charts on X The graph shows that the TD Sequential setup has recently been completed with green candles, implying that the price may have already reversed toward a bearish trend. In the same chart, Ali has also attached the data for the second relevant indicator: the Relative Strength Index (RSI). The RSI is a momentum oscillator that keeps track of the speed and magnitude of the recent changes in an asset’s price. This indicator determines whether the asset is undervalued or overvalued at the moment. When the metric has a value greater than 70, it can be a sign that the asset is overbought, while it being under the 30 mark suggests an oversold condition. As is apparent from the graph, the Solana RSI recently broke above the 70 mark and has remained inside the territory, suggesting that SOL has been overvalued recently. Related Reading: Bitcoin Triumphs Over $41,000, But Here\u2019s What Could Prevent $50,000 This would mean that two bearish signals are looming over the cryptocurrency’s head right now. “A spike in profit-taking could trigger a retracement to $47.6,” says the analyst. From the current price, such a potential correction to $47.6 would mean a drawdown of over 20%. Solana’s fate may yet be averted; however, as the analyst explains, “SOL would have to print a weekly candlestick close above $68.4 to invalidate the bearish outlook and aim for $108.” SOL Price Solana had rallied above the $65 mark yesterday, but the asset has already seen a pullback as it’s now trading around $60. Looks like SOL has gone through some drawdown during the past day | Source: SOLUSD on TradingView Featured image from Shutterstock.com, charts from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":563961,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[12837,83626,90235,88128,90747,90746,86410],"class_list":["post-563953","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-sol","tag-solana","tag-solana-bearish","tag-solana-bearish-signal","tag-solana-pullback","tag-solana-target","tag-solusd"],"acf":[],"yoast_head":"\nAnalyst Says Solana At Risk Of Pullback: Here Is The Target<\/title>\n<meta name=\"description\" content=\"An analyst has explained how Solana may be at the risk of a correction based on the data of two SOL technical 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Analyst Says Solana At Risk Of Pullback: Here Is The Target","url":"http:\/\/wncen.com\/news\/solana\/analyst-solana-risk-pullback-here-is-target\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/solana\/analyst-solana-risk-pullback-here-is-target\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/shutterstock_2150664037.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/shutterstock_2150664037.jpg?fit=6023%2C4015"},"articleSection":"Solana","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["sol","solana","solana bearish","solana bearish signal","solana pullback","solana target","solusd"],"dateCreated":"2023-12-05T18:00:57Z","datePublished":"2023-12-05T18:00:57Z","dateModified":"2023-12-05T18:00:57Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Analyst Says Solana At Risk Of Pullback: Here Is The Target\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/solana\\\/analyst-solana-risk-pullback-here-is-target\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/solana\\\/analyst-solana-risk-pullback-here-is-target\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/shutterstock_2150664037.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/shutterstock_2150664037.jpg?fit=6023%2C4015\"},\"articleSection\":\"Solana\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"sol\",\"solana\",\"solana bearish\",\"solana bearish signal\",\"solana pullback\",\"solana target\",\"solusd\"],\"dateCreated\":\"2023-12-05T18:00:57Z\",\"datePublished\":\"2023-12-05T18:00:57Z\",\"dateModified\":\"2023-12-05T18:00:57Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/shutterstock_2150664037.jpg?fit=6023%2C4015","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/563953"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=563953"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/563953\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/563961"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=563953"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=563953"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=563953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}