- Popular crypto analyst Justin Bennett Ethereum (ETH) he thinks that a rival cryptocurrency may have a hard time in the coming days.
In a new video update he shared on YouTube, Bennett said: Solana’s (LEFT) chart is bearish and the positive price action of early August is a “confirmed one”. fakeoutHe claims it looks like a “decoy” or a bull trap.
“A fake out on one side of a pattern like this typically results in a long move in the opposite direction. So for Solana, this means a move lower as long as the market stays above the $45 area as new resistance.”
Solana is trading at $40.86 at the time of writing. The ninth-ranked crypto asset by market cap has dropped more than 6 percent in the last 24 hours.
Bennett believes the $40 level is a critical area for the Ethereum (ETH) rival.
“Now, this level [yaklaşık 40 dolar] It will be a key support area for Solana, if we witness a daily close below that, it will likely push it back to lower lows such as around $37.”
However, I think a breakout of this magnitude could probably send the market to at least $32 here, or even up to those levels to retest $26.”
According to Bennett’s targets, these price movements indicate a downside risk for Solana of between 21.68 percent and 36.37 percent from current prices.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.