{"id":199135,"date":"2021-11-12T16:30:07","date_gmt":"2021-11-12T11:00:07","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=199135"},"modified":"2021-11-12T15:26:38","modified_gmt":"2021-11-12T09:56:38","slug":"these-signs-indicate-that-solana-is-due-for-an-immediate-reversal","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/these-signs-indicate-that-solana-is-due-for-an-immediate-reversal\/","title":{"rendered":"These signs indicate that Solana is due for an immediate reversal"},"content":{"rendered":"<p>Solana has extended its correction for five days, having lost 13% of its value from an all-time high of $260. With the MACD and RSI lining up chances of further losses yet, SOL could stretch towards the 50% Fibonacci level, over the near-term.<\/p>\n<p>As the Bollinger Bands and RSI reach oversold territory, expect bulls to mount a comeback before SOL tags its defenses below $218.3. At the time of writing, SOL traded at $227.4, down by 6% over the last 24 hours.<\/p>\n<h3><strong>Solana 4-hour Chart<\/strong><\/h3>\n<figure id=\"attachment_199157\" aria-describedby=\"caption-attachment-199157\" style=\"width: 1834px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/11\/SOLUSD_2021-11-12_13-22-09.png\"><img decoding=\"async\" class=\"wp-image-199157 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/11\/SOLUSD_2021-11-12_13-22-09.png\" alt=\"\" width=\"1834\" height=\"852\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/11\/SOLUSD_2021-11-12_13-22-09.png 1834w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/11\/SOLUSD_2021-11-12_13-22-09-300x139.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/11\/SOLUSD_2021-11-12_13-22-09-1024x476.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/11\/SOLUSD_2021-11-12_13-22-09-768x357.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/11\/SOLUSD_2021-11-12_13-22-09-1536x714.png 1536w\" sizes=\"(max-width: 1834px) 100vw, 1834px\" \/><\/a><figcaption id=\"caption-attachment-199157\" class=\"wp-caption-text\">Source: SOL\/USD, TradingView<\/figcaption><\/figure>\n<p>Considering a bearish crossover between the 50-SMA (yellow) and 20-SMA (red) , SOL could weaken below the 38.2% Fibonacci level as sellers continue to drive the market. Should a double bottom at $220 fail to prop SOL back up on the chart, the price would be exposed to another 5% sell-off towards the 50% Fibonacci level.<\/p>\n<p>Additionally, the 61.8% and 78.6% Fibonacci levels could help generate a bullish reversal as well. The former support area coincided with the 12-hour 50-SMA (not shown) while the latter clashed with the 4-hour 200-SMA (green).\u00a0In case sellers are able to drive past these defenses, SOL&#8217;s downtrend could stretch all the way to its September lows of $124.15 or even $115.88.<\/p>\n<h3>Reasoning<\/h3>\n<p>There were a few interesting observations on SOL&#8217;s indicators despite bearish readings. For instance, SOL was oversold after trading on the lower band of the Bollinger Bands and was due for a reversal. SOL was not far away from the oversold territory on its 4-hour RSI as well.<\/p>\n<p>Such readings could allow buyers to inject momentum back into the market. On the downside, MACD would not lend a helping hand to bullish traders. The index was trading at a 1-month low and showed no signs of a reversal in movement just yet.<\/p>\n<h3><strong>Conclusion<\/strong><\/h3>\n<p>The 38.2% Fibonacci level and a double top at $220 were SOL&#8217;s best chances of an immediate reversal. Oversold readings on the Bollinger Bands and RSI would aid buyers in a recovery as well.\u00a0 However, traders should be cautious of a close below the 78.6% Fibonacci level as this could transpire into heavy losses over the longer run.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Solana has extended its correction for five days, having lost 13% of its value from an all-time high of $260. With the MACD and RSI lining up chances of further losses yet, SOL could stretch towards the 50% Fibonacci level, over the near-term. As the Bollinger Bands and RSI reach oversold territory, expect bulls to<a href=\"https:\/\/ambcrypto.com\/these-signs-indicate-that-solana-is-due-for-an-immediate-reversal\/\">Continue reading <span class=\"sr-only\">&#8220;These signs indicate that Solana is due for an immediate reversal&#8221;<\/span><\/a><\/p>\n","protected":false},"author":37,"featured_media":199159,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,41,18,66,3,4,20],"tags":[],"class_list":["post-199135","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-analysis","category-hide-cryptopanic","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>These signs indicate that Solana is due for an immediate reversal - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Solana has extended its correction for five days, having lost 13% of its value from an all-time high of $260. 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