{"id":408255,"date":"2022-02-21T18:00:00","date_gmt":"2022-02-21T15:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/solanas-weekend-bounce-risks-turning-into-a-bull-trap-can-sol-price-fall-to-60-next\/"},"modified":"2022-02-21T18:00:00","modified_gmt":"2022-02-21T15:00:00","slug":"solanas-weekend-bounce-risks-turning-into-a-bull-trap-can-sol-price-fall-to-60-next","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/solanas-weekend-bounce-risks-turning-into-a-bull-trap-can-sol-price-fall-to-60-next\/","title":{"rendered":"# Solana&#8217;s weekend bounce risks turning into a bull trap \u2014 Can SOL price fall to $60 next?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a40b5eb30894\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a40b5eb30894\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/solanas-weekend-bounce-risks-turning-into-a-bull-trap-can-sol-price-fall-to-60-next\/#Solana_price_risks_dropping_to_60\" >Solana price risks dropping to $60<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/solanas-weekend-bounce-risks-turning-into-a-bull-trap-can-sol-price-fall-to-60-next\/#Bear_flag_increases_downside_risks\" >Bear flag increases downside risks<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Solana&#8217;s weekend bounce risks turning into a bull trap \u2014 Can SOL price fall to $60 next?  <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>A rebound move witnessed in the Solana (SOL) market this weekend exhausted midway as its price dropped below the $90 level from a high of $96 on Feb. 21. In doing so, SOL price technicals are now risking a classic bearish reversal setup.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Solana_price_risks_dropping_to_60\"><\/span>Solana price risks dropping to $60<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Dubbed head-and-shoulders (H&amp;S), the technical pattern emerges when the price forms three peaks in a row atop a common support level (called a neckline). As it typically turns out, the pattern&#8217;s middle peak, called a &#8220;head,&#8221; comes longer than the other two peaks, called theleft and right shoulders, which come to be of similar heights.\u00a0<\/p>\n<p>The H&amp;S pattern tends to send the prices lower\u2014at length equal to the maximum distance between the head and the neckline\u2014once they decisively break below its neckline. As a result, Solana, which has been forming a similar technical structure lately, risks sliding toward $60, or almost 30%.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-02\/1949085f-43fa-4411-8190-616e417ea4c4.png\"><figcaption style=\"text-align: center;\"><em>SOL\/USD daily price chart featuring head-and-shoulders setup. Source: TradingView\u00a0<\/em><\/figcaption><\/figure>\n<p>Interestingly, the H&amp;S downside target, near $60, was also instrumental as support in August 2021, right before Solana&#8217;s price rally to its record high above $250.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bear_flag_increases_downside_risks\"><\/span>Bear flag increases downside risks<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The risks of Solana undergoing a period of another major selloff have been also increasing due to a technical pattern called a &#8220;bear flag.&#8221;<\/p>\n<p><strong><em>Related:\u00a0Bottom ahead? Solana paints its first &#8216;death cross&#8217; as SOL losses 50% in January<\/em><\/strong><\/p>\n<p>Notably, SOL&#8217;s price has been breaking out of the bearish continuation setup. In doing so, it now risks falling by as much as the length of its previous downtrend, called &#8220;flagpole,&#8221; when measured from the point of breakout, as shown in the chart below.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-02\/969cb4d7-3620-444a-b9cd-8ae7612e075a.png\"><figcaption style=\"text-align: center;\"><em>SOL\/USD daily price chart featuring bear flag setup. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>As a result, SOL&#8217;s bear flag breakout risks sending its price to $60 or lower, like the H&amp;S pattern.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/solana-s-weekend-bounce-risks-turning-into-a-bull-trap-can-sol-price-fall-to-60-next\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Solana&#8217;s weekend bounce risks turning into a bull trap \u2014 Can SOL price fall to $60 next? &#8221; A rebound move witnessed in the Solana (SOL) market this weekend exhausted midway as its price dropped below the $90 level from a high of $96 on Feb. 21. In doing so, SOL price technicals are&#8230;<\/p>\n","protected":false},"author":1,"featured_media":408256,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDIvZTlkMWMzZjYtODk4ZS00ZDg3LTkwZDktNDljMjJhMzc3ZGU4LkpQRw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,74863,81262,74939,92498,78261,73711,73785,71407],"class_list":["post-408255","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-cryptocurrencies","tag-cryptomarket","tag-market-analysis","tag-solana","tag-tech-analysis","tag-investments","tag-markets","tag-trading"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/408255","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=408255"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/408255\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/408256"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=408255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=408255"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=408255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}