SOLUSDT Sideways at best, bearish if this level breaks.
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For this particular analysis on SOLANA we are using the SOLUSDT symbol on the Phemex exchange.
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The idea is on the 1D time-frame where the 1D RSI broke into the heavy oversold zone, which last revisited back in late January 2022. The price then entered a long-term consolidation, trading sideways until the 1D MA50 (blue trend-line) broke but still got rejected on the 1D MA200 (orange trend-line). It was that rejection that brought us to where we are today. It is therefore possible to see a similar monthly sideways trade.
However, if yesterday’s low breaks, the long-term Channel Up that has been in effect since Solana’s All Time High, will break and should push the price towards the lower Fibonacci extensions. In that case, the targets will be the 2.0 Fibonacci extension around 24.720 and the 2.236 extension around 18.725.
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