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Solana analysis – even reaching the $ 135 target does not reverse the correction

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Solana 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 growthSolana in moderate growth. Source: TradingView

Solana 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.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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