Solana's price shows a massive uptrend coming to a temporary pause after setting up new all-time highs. The price downswing could exacerbate if an intermediate demand barrier fails to cushion the incoming selling pressure.
Solana's saw its price more than triple over the past 17 days as it set up a new all-time high at the $130.16 level. This impressive and exponential rally ignored the Momentum Reversal Indicator (MRI), but the recent sell signal that flashed in the form of a red ‘one’ candlestick pattern seems to be playing a role.
This technical setup forecasts a one-to-four candlestick price correction. Although SOL initially ignored this warning signal and set up a new all-time high at $130.16 level, it eventually began its correction phase and is currently trading at $111.80.
If the investors continue to book profit, Solana's price will test the demand zone stretching from $91.51 to $96.27 level. If the buyers make a comeback around this barrier, a reversal pattern is more than likely to occur here.
However, there is a chance the SOL price might briefly dip below $91.51 before restarting the upswing. In total, this retracement would represent an 18% downswing.
Regardless of the sell signal, altcoins like ADA, SOL, and AVAX prices are rebelling against the trend that the big crypto is setting. Therefore, there is a high chance SOL's price might not stick to the norm but restart an uptrend that retests the current all-time high at a price of $130.16.
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