#Trump'sIranAttackDelayed
@Solana Official wiped out May's gains and is testing its last line of technical defense.$SOL
#Solana The crypto market continues to show signs of institutional fatigue and a marked adjustment in the valuations of major altcoins. This Monday, Solana (SOL) is trading at $84, completely erasing the gains accumulated during the rally in the early weeks of the month. The downward movement caused the loss of crucial supports, leaving the short-term trend absolutely under the control of the sellers.$SOL
From a technical analysis perspective, SOL's structure has notably deteriorated on the daily candlestick chart. The current price is below the four key exponential moving averages (EMA): the 20-period ($88.49), the 50 ($87.89), the 100 ($93.28), and the 200 ($110.08).
The fact that all these indicators are now operating as overhead resistances, coupled with a bearish Parabolic SAR at $96.83, confirms the technical pressure faced by the smart contract network. The only technical floor that remains intact is the ascending trend line drawn from the February lows ($67.39), which converges very close to the current price, in the $84 zone. $SOL
If the market loses this dynamic support level, the next relevant cushioning zone is located at the 0.236 Fibonacci retracement level, situated at $81.62. This technical range served as a base of operations for much of March and April this year.
@Solana Official wiped out May's gains and is testing its last line of technical defense.$SOL
#Solana The crypto market continues to show signs of institutional fatigue and a marked adjustment in the valuations of major altcoins. This Monday, Solana (SOL) is trading at $84, completely erasing the gains accumulated during the rally in the early weeks of the month. The downward movement caused the loss of crucial supports, leaving the short-term trend absolutely under the control of the sellers.$SOL
From a technical analysis perspective, SOL's structure has notably deteriorated on the daily candlestick chart. The current price is below the four key exponential moving averages (EMA): the 20-period ($88.49), the 50 ($87.89), the 100 ($93.28), and the 200 ($110.08).
The fact that all these indicators are now operating as overhead resistances, coupled with a bearish Parabolic SAR at $96.83, confirms the technical pressure faced by the smart contract network. The only technical floor that remains intact is the ascending trend line drawn from the February lows ($67.39), which converges very close to the current price, in the $84 zone. $SOL
If the market loses this dynamic support level, the next relevant cushioning zone is located at the 0.236 Fibonacci retracement level, situated at $81.62. This technical range served as a base of operations for much of March and April this year.