23.02.202216:13 Forex Analysis & Reviews: Solana double bottom

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Solana is trading above 90.30. Short-term trend remains bearish as price continues making lower lows and lower highs. Price made a low at 80.27 just above the previous low of 79.97. Solana has formed a possible double bottom. Will we see a W shaped reversal?

Black lines - Fibonacci retracements

Blue line - resistance trend line

Solana is now testing the blue downward sloping trend line resistance. So far price whenever it touched the blue trend line resistance it got rejected. So far price has confirmed the importance of the resistance trend line. Breaking above it will provide us with a bullish signal that could bring price towards $122 at least where we find the 23.6% Fibonacci retracement of the entire decline.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex

Download MetaTrader 4 and open your first trade