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Should you buy Solana as it nears the $ 180 mark?



Solana (SOL / USD) was nearing the $ 180 mark as it fell over 2% on Sunday. However, investors are now skeptical of a turnaround as Solana lacks strength and forms a bearish pattern. Many investors are still using Solana's slump as a buying opportunity as it has excellent fundamentals, which was one of the reasons for its sharp rally from $ 180 to $ 260. However, Solana has now lost all profits from the rally at the end of October. Will Solana be able to hold the $ 180 mark?




Solana corrected sharply from the new all-time high of $ 264 it hit earlier this month. After falling to $ 190 after the rally, it rebounded to rise to $ 235. However, it has since slipped back to $ 190.


Solana forms a head-and-shoulder pattern, a bearish pattern showing a breakdown below the $ 235 level. Therefore, long entries should be avoided until a clear trend reversal can be seen. Additionally, investors can also wait for Solana to break the 50-day moving average before making a long entry.


Solana has very strong fundamentals, so chances are it won't drop any further below the USD 190 level.


A new all-time high could be targeted as soon as a reversal is seen.


Should Solana drop below the $ 190 mark, long entries should be avoided until it approaches $ 150.


A stop loss can be set below the zone.


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