{"id":8582,"date":"2022-02-21T15:24:53","date_gmt":"2022-02-21T15:24:53","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/solanas-weekend-bounce-risks-turning-into-a-bull-trap-can-sol-price-fall-to-60-next\/"},"modified":"2022-02-21T15:24:56","modified_gmt":"2022-02-21T15:24:56","slug":"solanas-weekend-bounce-risks-turning-into-a-bull-trap-can-sol-price-fall-to-60-next","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/solanas-weekend-bounce-risks-turning-into-a-bull-trap-can-sol-price-fall-to-60-next\/","title":{"rendered":"Solana’s weekend bounce risks turning into a bull trap \u2014 Can SOL price fall to $60 next?"},"content":{"rendered":"
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
Dubbed head-and-shoulders (H&S), the technical pattern emerges when the price forms three peaks in a row atop a common support level (called neckline). As it typically turns out, the pattern’s middle peak, called “head,” comes longer than the other two peaks, called left and right shoulders, which come to be of similar heights.\u00a0<\/p>\n
The H&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