Is Solana About to Take a Nosedive? You Won’t Believe the Levels! 😱

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It has come to the attention of the astute crypto analyst, one SiDec, that the esteemed price of Solana may soon find itself languishing in the depths of double digits. Indeed, the analyst has graciously provided us with a list of significant levels to observe as the market participants prepare themselves for what could only be described as a most calamitous decline. 😅

Key Levels to Observe as Solana Faces the Abyss of Double Digits

In a rather enlightening post on TradingView, our dear SiDec has identified the range of $136 to $143 as a formidable resistance zone for the Solana price. Meanwhile, he has indicated that the range of $102 to $98 serves as the next major support zone, suggesting that should SOL fail to maintain this support, it may soon be plummeting into the realm of double digits. How delightful! 🎢

Our analyst has observed that the Solana price has been on a rather sluggish uptrend over the past five days, having recently touched a low of $112. He has further suggested that the current price action resembles an ABC corrective pattern, which, if one were to indulge in speculation, could imply that SOL is preparing for a descent into lower prices. How very dramatic! 🎭

SiDec has elaborated on the resistance zone between $136 and $143, remarking that the Solana price shall likely encounter considerable difficulty in that range, as it is fraught with multiple technical confluences that suggest a potential reversal or, dare I say, a strong reaction. Thus, he has advised that this range is a prime candidate for short positions, particularly if the price begins to exhibit signs of weakness. How very astute of him! 🧐

Conversely, SiDec has revealed that a significant demand zone is forming between $102.1 and $98.50 on the downside for the Solana price. He has noted that this zone, too, is rich with technical confluences, rendering it a high-probability long entry area. The analyst has suggested that this zone presents a splendid opportunity for gradual scaling into positions as the price ventures deeper into support. How positively thrilling! 🎉

The Market Outlook for SOL

SiDec has expressed a short bias until the Solana price reclaims the lofty heights of $143.80, which he deems a strong resistance zone for potential short trades. For those market participants inclined to enter a short position, he has wisely advised that laddering into the resistance zone ensures better risk management and higher entry efficiency. How practical! 🧠

Meanwhile, for those contemplating a long setup, the analyst has suggested that beginning modestly at $112 and increasing position size down to $98.50 ensures a robust positioning in a high-confluence demand zone. He has added that scaling into trades rather than committing at a single price enhances flexibility, improves trade execution, and allows market participants to adapt more readily to the whims of price movements. How very modern! 💼

Further discussing the Solana price action, SiDec has noted that the $100 target aligns with the 200 Exponential Moving Average (EMA) on the weekly timeframe, adding yet another layer of confluence to this strong support. How convenient! 🏰

Moreover, the analyst has mentioned that should the Solana price decisively break above $144, it would invalidate the short thesis and suggest a potential ascent toward $150. Meanwhile, a robust rejection from the resistance zone would likely hasten the descent toward $112 to test demand at the swing low. How suspenseful! 🎬

At the time of this writing, the Solana price is trading at approximately $128, having experienced a decline of over 4% in the last 24 hours, according to the ever-reliable data from CoinMarketCap. How utterly riveting! 📉

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2025-03-17 18:05