Solana analysis – even reaching the $ 135 target does not reverse the correction
1 min readSolana more or less continues to grow modestly, like most coins, and reaches short-term higher highs and lows. However, this does not change the fact that the price is still at correction structure falling flag. Not to mention that the previous long-term maximum is relatively high above the market price.
Growth stopped at the first resistance on the surface $ 115. If the price manages to overcome this resistance, then the bull target is at $ 135. However, even in this scenario, price growth would not reverse the long – term trend because resistance the flag is even higher and we will still wait for the real reversal of the primary trend.
Solana in moderate growth. Source: TradingViewSolana in moderate growth
Even if the price created continued growing trend we should probably rather monitor the position of the long-term low and the potential sideway zone. Sooner or later, the price will overcome the resistance of the flag, but a harbinger of this is the sideway structure. So even if growth stops inside the flag, another minimum will need to be identified.
What if the price reached a lower minimum? In the first place, such a scenario will only occur if BTC also falls below its last low of $ 33,000. In such a situation, the altcoins would also fall on new bottom. In the case of Solana, we have another important one support at $ 70.
