SOL Bulls Break Defense! Key Level 140 Lost, Head and Shoulders Warning Sounded, Is the Plunge Beginning?
#sol See Clearly! SOL Recently Makes People Sweat!
The bulls were desperately trying to hold the bottom line of 140 USD, looking quite resilient? In the end, they still couldn’t hold on, declaring a loss!
What’s worse is that the way it has dropped looks more and more like a 'Head and Shoulders'! Those who understand the technique know that when this pattern appears, it usually signals a decline, which is quite ominous!
Next, there are two possible paths, both looking precarious:
Situation One: Weak Rebound, Bears Call the Shots
If 140 USD can’t manage to climb back and stabilize? Then the bulls should give up hope!
I personally bearish, the first target is directly 123 USD, without hesitation!
If it drops even harder? Haha, then it’s unceremoniously heading straight for 110 USD!
Situation Two: Can Break Through, Bulls Have a Glimmer of Hope
Unless... a miracle really happens! If SOL can surge all the way up and break through 150 USD!
Then I can only reluctantly admit that the bulls might still be hanging on by a thread.
But don’t get too excited, it’s likely just bouncing between 140 and 185 USD, playing around with volatility, unlikely to show significant improvement.
With 140 broken, a nasty pattern hanging over, I personally feel the risk is too high. If it can’t manage to get back above 140, or even touch 150, then a drop is highly probable! Can it surge to 150? That can only be considered a temporary reprieve, the future is still very bleak. In the end, it’s either a rebound or a continued drop.
