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06.12 - 11:27
Solana’s descending triangle threatens deeper sell-off
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ambcrypto.comDisclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice
Mirroring a wider market correction, Solana registered a 5.7% drop over the last 24 hours. Furthermore, a descending triangle setup exposed the market to a deeper retracement, should the 200-SMA (green) fail to cushion incoming losses. This outcome was backed by sell signals present on the RSI, MACD, and Aroon.
Source: SOL/USD, TradingView
Consecutive lower highs and steady lows around $220 gave rise to a descending triangle setup on SOL’s chart. The bearish pattern usually triggers a breakdown once bulls are unable to contain selling pressure above the lower trendline. In SOL’s case, its closest defense was
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