As the cryptocurrency industry is currently experiencing a dip, it is also affecting the prices of all cryptocurrencies. However, the major cryptocurrencies are facing the worst dips and they have don’t seem to be going for an uptrend.
Among these cryptocurrencies is Solana (SOL) that the analysts are monitoring very closely. They are sharing their predictions around SOL to assess exactly where SOL currently stands, and where it would be in the upcoming days.
The performance for SOL shows that it recently made it all the way up to the resistance line and managed to break through it. The data shows that SOL managed to achieve this on the 1st of December 2021.
Even though SOL did manage to break it through, but it wasn’t able to maintain its position above the recently crossed resistance line. Despite crossing the resistance level, the bulls were unable to sustain the position. Although the bulls tried really hard to maintain the resistance, they soon gave in at the higher levels and SOL took the fall.
The TradingView chart shows that SOL had broken through the symmetrical triangle line in order to make it through the resistance line. However, the bears were successful to push it back into the triangle. This particular phenomenon was observed on December 3, 2021.
It was on December 3, 2021, when the analysts predicted that there were high possibilities of SOL falling below the $215 per SOL figure, which is the 20-day EMA.
Surprisingly, the prediction became a reality by the end of December 3, 2021, and the day for SOL closed at $211.22 per SOL figure. However, the analysts had predicted that if SOL fell below the 20-day EMA, it would make an attempt to make a rebound.
The rebound below the 20-day EMA would help bring the price of SOL up to $243.12, which may be the new resistance line for SOL.
For now, it appears that even another prediction seems to have come into play that has more to do with the involvement of bulls. The data suggested that if SOL fell below the $210 per SOL figure (50-day SMA), it may end up being a bull trap. This means that in such a case, the bears will try and sink the price of SOL even further. This may result in the support line being breached and the SOL price may fall even lower than that.
If that happens, then the price of SOL may fall below the 100-day SMA, which is the $178 per SOL price prediction. If that happens, then the bears may go for another push, increasing the sales and bringing the price of SOL close to the $140 figure. At that point, it will be considered a deeper correction for BTC.