The popular crypto analyst Crypto Jack has given a bearish signal regarding Solana’s (SOL) price action. The analyst pointed out in a recent X post, that the price of SOL is in the process of breaking out from a symmetrical triangle, which is a technical signal that commonly indicates a coming large price shift. This bearish outlook if sustained and the weekly candle tested in the negative could turn ugly for the most popular Cryptocurrency.
Accordingly, Crypto Jack focused on the possibilities of the coming weekly candle close which, he stated, is crucial. He pointed that if the weekly candle closes in the lower half of the bearish side it is very bad news to Solana meaning that bearish candle could severely affect short term Solana’s price. This potential breakdown is something that traders and investors keep an eye on Solana price chart.
Solana Faces Decline Signal
Mostly, a symmetrical triangle indicates that the asset is in a consolidation phase before a breakout in either the uptrend or downtrend direction. Unfortunately, a similar pattern alerts that, in Solana’s case, consolidation may indeed be ending with a decline. It is even more problematic given the increasingly erratic Solana and the market’s overall existential uncertainty.
Among the aspects of Solana in the cryptocurrency market, it is possible to note a higher speed of transactions and, accordingly, lower commissions in comparison with other platforms of the blockchain industry. It has recently garnered much attention and capital in the last year. But because of the new market developments the price for it has risen and there are more concerns on what further results is seen.
The SOL price being at a tipping point now, it also looks like the general trend in the market is somewhat undecided. The current performance of SOL has made investors consider the possible consequences of holding or exiting their stakes in the token as Jack pointed out bearish signals. The days ahead will be pivotal to establishing whether SOL could bounce back from this sort-of breakdown or not.
Jack earlier pointed out that if the weekly candle closed in the negative, Solana could be in for a bearish trend. This development points to the relevance of specific technical approaches in cryptos currency trading and the huge impact of opinions given by the experts in the market.
This news is republished from another source.
