Solana to $70, a 45% price drop.
In the 1-week view of the Solana market, a chart pattern can be seen that if the market continues to decline, it could lower the price to $70.
According to the Kevin Telegraph, as can be seen from the one-day view of the Solana market, the activation of the Soroshaneh pattern on the chart could bring the price down by 45% and reach the $70 range.
The chart below shows that the price of Solana last September (September) with an upward jump reached near $217, then fell to support of $134, and then in November (November) 2021 reached its historic high of $260.
Solana's price fell again last week to $134 support and soon reached $87.73, its lowest level since 2022.
Solana Price Chart (1-Week View of the Solana Market/Dollar)
- Solana's recent price movements seem to have shaped the Soroshaneh pattern, a descending graph pattern that includes three consecutive peaks.
- The middle peak of this pattern, called the "head," is at $257, and the other two peaks, called the shoulders, are at $200 and $210.
- The three peaks of this pattern are above the $134 support, known as the "neckline". Weekly crossings and closing of the price below this level can be accompanied by a deeper fall in prices.
- The amount of this fall is equal to the maximum distance between the neckline and the middle peak, or head, of the pattern.
- As the chart shows, the size of the fall for Solana is about 45%, which could bring the price close to $70.
- Solana prices have dropped more than 30% in the last seven days and are now about 55% below their all-time high. However, other top currencies in the market have experienced similar conditions.
Compared to the price trend of Bitcoin and Atrium in the 1-week market view,
Many experts believe that the main reasons for the recent decline in the digital currency market are the Federal Reserve's decisions to slow down the purchase of $120 million worth of securities per month and to increase the bank interest rate by three stages in 2022.
The US Federal Reserve's expansionary monetary policy over the past few months has significantly contributed to the jump in the value of the digital currency market from $128 billion in March 2020 to $3.2 trillion in November 2021.
However, whispers of a resumption of contractionary monetary policy in the United States have led investors to restrict their activities in markets that have already seen significant growth.
A concrete example is the Solana market, which has grown by 12,500 percent during 2020.
So if the digital currency market continues to decline in the coming days, we should wait for the fall of Solana's price to reach the target of a bearish pattern at $70.