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18.05.202215:43 Forex Analysis & Reviews: Solana remains in a bearish trend.

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Solana is trading around $51.43 after making a low at $34.96 and reaching as high as $58.33. Trend remains bearish as price continues trading inside the bearish channel. In the near term price has started a pattern of higher highs and higher lows. As long as price remains inside the bearish channel, this bounce is considered just a pause to the bigger downtrend.

Blue lines- bearish channel

Solana is expected to remain under pressure as long as price is below $65. The upper channel boundary is key short-term resistance at $65. Inability to break above $65 will eventually lead to a move lower. Short-term support is found at $50.50. Failure to stay above this level will be a sign of weakness. The RSI has not provided any bullish divergence signal. Until then we remain pessimistic regarding the price direction for Solana.

Alexandros Yfantis
Analytical expert of InstaForex
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