Is Solana Going Back To $16 ???

By Aventurine | Crypto Aventurine | 16 Sep 2023

Solana Is Showing Signs Of Rejection at $19

Solana has increased in value in the past week from $17.40 to $19.40 however today we see a rejection candle and SOL is down 1%

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We can expect the price to go Down to around $16.40 or at least $17.40 and from there it can start creating reversal pattern. We are half through the month and it would be great if SOL monthly candle close green. Short term does not look good. There might be some incoming sell off.

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The recent news that judge allowed FTX to sell crypto holdings certainly has an effect. It is not that they will sell SOL token but the fact that the people who hold SOL know that FTX is allowed to sell remaining crypto which in result trigger sell off from other holders before FTX has a chance to sell it.

Taking that into consideration - yes, the price is most likely to fall!

So I am looking at $16.40 area and that's about 14% dump

But wait, the news about FTX won't only affect Solana, it will affect the whole crypto as FTX holds around $3,4B of Crypto! So, is this going to be the last big dump before long term reversal? We can only hope!

Contrary to Solana chart the monthly candle of Bitcoin looks quite strong!

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