{"id":5848,"date":"2022-01-24T07:43:06","date_gmt":"2022-01-24T07:43:06","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2022\/01\/24\/sol-price-estimated-to-hit-70-before-oversell-bounce\/"},"modified":"2022-01-24T07:43:06","modified_gmt":"2022-01-24T07:43:06","slug":"sol-price-estimated-to-hit-70-before-oversell-bounce","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2022\/01\/24\/sol-price-estimated-to-hit-70-before-oversell-bounce\/","title":{"rendered":"SOL Price Estimated To Hit $70 Before Oversell Bounce"},"content":{"rendered":"

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The price of SOL (Solana) might decrease and hit as low as $70 for each token over the new few weeks. A setup of head and shoulders was formed on the everyday timeframe which indicates a possible decline of over 45%.<\/span><\/p>\n

Where SOL\u2019s Price Is Headed<\/b><\/span><\/h2>\n

In Sept 2021, the price of Solana rallied to reach heights of about $217. However, it subsequently began dropping till it reached the support level in the proximity of $134. Then, in Nov 2021, Solana\u2019s price rallied once more and set a new highest price record at $260. Earlier in the week, SOL\u2019s price dropped again and tested the same support level of $134. However, it has since broken to a new low in the New Year which stands at $87.73.<\/span><\/p>\n

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This price action phase seems to have created a setup of head and shoulders. It is a reversal pattern that is bearish and contains three peaks back to back. The middle peak is about $257 (also known as the middle head) and seems to reach more height than the surrounding two which stand at $200 and $210 respectively.<\/span><\/p>\n

Meanwhile, the three peaks of the token have formed on top of a regular support level that is $134. This is known as the neckline. When the price drops beneath this line, it indicates a downtrend that will extend till it reaches a level that is equal in length to the max distance between the neckline and the head.<\/span><\/p>\n

In the case of this token, this distance is about $137. As a result, the head and shoulders target price of the token is almost $170. If the cryptocurrency market<\/a> continues to decline in the future sessions, Solana will also run a risk where it will be validating this setup of head and shoulders. <\/span><\/p>\n<\/div>\n