Solana has been producing conflicting signals on short and weekly charts lately. While price action in the short term points to the possibility of an upward wave B, the weekly outlook highlights the possibility of a larger-scale decline.
Solana is looking for a way in the resistance zone
Current data shows that in the Solana trading pair, the price is hovering close to the $86.40 levels and the bullish wave B is trying to advance within the resistance zone established between $85.91 and $88.95. The first resistance point that becomes evident on the chart is $ 85.91, followed by $ 86.79, $ 87.67 and finally $ 88.95. For now, the price is struggling to hold on to the lower limits of this area.
If the buyers manage to increase the pressure, the rise may extend to the upper band of the resistance zone. However, it is emphasized that if a reverse movement begins, Solana may decline towards the support zone of $ 81.75 to $ 78.81. This area could also lead to deeper support levels; Drops up to $77.92, $75.39 and $71.92 may remain on the table in scenarios where the price cannot hold.
According to analysts, “If the price remains in the current resistance band and turns down, this move can be read as the beginning of a new downward C wave.”
Similarity with 2022 chart: ‘mirror’ decline warning in Solana
Looking at the weekly formation, it is claimed that there are significant similarities between the Solana movements in 2022 and the recent structure. Chart analysis reveals that first there is a short-lived rise at the top (bull trap), followed by a sharp decline and then a horizontal relief band. Since there has been a similar squeeze in a box recently, experts think that the current rise is not permanent and the price may move downwards rapidly after a while.
In the example in 2022, Solana remained horizontal in the $ 40-50 range after a rapid decline, then lost momentum and went down again. Therefore, the assumption that the current activity is a temporary break rather than a real recovery comes to the fore. However, Mirror Pattern analysis alone is not seen as a definitive bearish signal.
Experts warn, “It is not possible to say that Solana will drop to $ 30 just based on a similar chart pattern; the price must clearly break the current horizontal support for the downward movement to be confirmed.”
For a bearish scenario to strengthen, the price is expected to first lose the current support zone and then show a new sign of weakness on the weekly chart. Although the similarities are striking for now, the exact direction of the market will depend on the struggle between buyers and sellers in the short term.
