With this wave of crash, I am directly bearish to $136!
SOL has been completely crushed, just last week it touched a high of $187 and then fell to $159. I already advised fans to sell at the high of $175 last week, but those who didn't listen are now trapped! Today it is struggling at $152, but don't be fooled by this rebound—down from this month's high, it has already dropped 45%, and bears have completely taken control of the situation, likely heading straight for the significant level of $136!
Why is it so tragic? The technical analysis has already signaled!
On SOL's 12-hour chart, the position of $184.5 clearly shows a "double top pattern." This pattern consists of two peaks connected to form an M shape, with a neckline in between. Once the neckline is breached, the downside opens up—according to the measurement rules of a double top, the distance from the top to the neckline is 14%, and after breaking through the neckline downwards, the target price will directly see $136, which is even lower than the 23.6% retracement level!
The 50-period moving average has already been breached, indicating a complete reversal of the short-term trend, with bears holding the upper hand. The RSI and other oscillators are collectively pointing down, clearly indicating that the downward momentum has not yet been exhausted. Now, who would dare to catch the falling knife near the double top high of $184.5 or the 50% Fibonacci retracement level of $195? Market sentiment has already turned cautious, and buyers are simply unwilling to chase at high prices.
Don’t be fooled by the current stability at $164; the technicals, indicators, and patterns are all pointing to lower prices. $136 is not the end; it may be the starting point of a new round of decline. Unless it can quickly recover to $184.5 and stabilize, don’t expect a comeback in the short term. Bears are now wielding their sickles waiting for the retail investors; retail traders, be careful out there!
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