Solana’s price fell in the crypto ranks during November. While many altcoins could yield breathtaking relief rallies, the SOL price stayed modestly range bound. There may be an upcoming sell-off if market conditions persist.
Solana price is confined
Solana price is currently trading at $13.60. The bears have forged three separate rejections near the $14 liquidity zone. A Fibonacci retracement tool surrounding the Novembers 65% downtrend shows the $14 price level as just a 23.6% countertrend move. Fibonacci swing traders do not consider the 23.6% level as a strong target zone. Still, the bearish suppression being displayed should not be overlooked. Solana’s persistent entry denial to the Fib level can be a display of the bears underlying strength in the market.
The volume indicator shows the largest uptick in transactions ever displayed 3-day time frame. A bearish engulfing candle produced between November 7 and November 9 shows 83.196 million dollars worth of Solana tokens transacted. The volume spike could be a gesture of confidence from highly capitalized bears in the market.
Considering these factors, the SOL price could continue to fall. The next bearish price zone of interest is the 2020 congestion zone at $10 and possibly $7. The SOL price would fall by 48% if the scenario occurred.
The 3-day candlestick that sent the Solana price near the current price zone will play a crucial role in SOL’s future price action. A tag of the candle’s settling auction of $16.45 could create the possibility for more uptrend moves. Key levels to aim for would be the 38.2% and 50% Fibonacci Retracement levels at $17.86 and $20.72. The Solana price would increase up to 56% under the bullish invalidation scenario.
