Can it hold this level at 150, or are we about to see a bigger dump in the solana price? This is solana versus the us dollar. On the one hour chart i mentioned in a video i made the other day and solana. If we could not maintain these key levels, then we would likely see a break to the downside. We did see this w pattern getting put in here, but, as you notice, we didnt get to break to the upside and instead it was rejected and pushed further down to the downside. So what is happening right now in solana, as well as the rest of the crypto market, which is looking quite alarming? As we know guys, the bitcoin price usually drives the rest of the crypto market and where bitcoin falls, the rest of the market will fall much harder due to smaller market cap sizes in coins like solana, and we have seen in bitcoin a break towards the downside. We did come back up for a re test and are now pushing down if we look at these key levels across here, we can see that this is an important resistance zone for bitcoin, as well as what were seeing in other markets, a reason possibly to what Were seeing happening in bitcoin can be seen over on the dxy or the us dollar price which well check out now we think of bitcoin as digital gold. Gold is basically a hedge when the price of the us dollar is going down the price of bitcoin as well as gold, etc, will likely go up, but what were seeing is quite alarming on the us dollar price as crypto holders.

What we can see here developing is a shoulder another head down here and possibly another shoulder, and if we look, this is basically the neckline guys across here which we should be paying very close attention to, because if this can break above this level, then the us Dollar is going to go up in value and were actually going to see the bitcoin price and other crypto markets falling. We can also say this is probably a cup and a handle pattern as well, showing that we could see a push back towards these sort of levels or beyond for the us dollar price. Literally, as we speak, not only is the us dollar price at a crucial level of support, but solana is also checking out this area down here. If we look back, we can also see a couple of weeks here, another big week here and on the way up. This line of resistance, showing that this area through here is a significant area for solana. If its unable to hold this level then were potentially going to take more of a dip down towards the downside. One thing we can look at potentially is the idea that were actually in a falling wedge pattern. If we take this line – and we push it down through here and if this is to develop further, then that ultimately might be a bit of a bullish sign and something that could support solana moving back in the shorter term.

As we know, these falling wedges do tend to break to the downside at this moment in time we are testing the bottom level of this wedge and what we really need to see for solana solana to be able to start putting in some higher highs at this Level and potentially being able to push beyond this level if were able to maintain this level here, then, were going to be pushing probably back towards this level, and if we do see a breakout from this level that will then move us back up towards all time Highs, however, what were seeing across the crypto market right now should be a bit of a cause for concern. Looking down at the rsi, though, we can see that we are approaching oversold levels which ultimately does show that we could potentially be at the bottom right now, and this could potentially, in my opinion, be a good buying. Opportunity for solana obviously go away and do your own research trading is risky. If were looking at what might potentially happen. If we cant find support this level, we can take fibonacci tool from this dip back on where we had our last sort of candle close below these levels and push it all the way back up to that swing high, as you can see guys, were finding our Support level around here, but the next move down the 1.618 is all the way down at the 113 level and that it coincides as well.

If we come across, we can see here. We found a good level of support, so things are looking quite precarious right now. For the solana price, as well as the rest of the crypto currency price, in terms of a breakdown target, we could see it break down below this pattern to find old support as resistance before pushing down. And, in my opinion, we would be pushing down to around 115 level. However, if you do manage to find support here, well likely come up to around this level here and notice. That coincides with not only the 0.786, but also coincides with the top of this chart. Pattern here, so it would be interesting to see whether we would be able to break beyond both these two levels of resistance. Again wed probably come back for a re test, and then that would see us having to push back up towards the upside. The next key area, then, would be around 176 dollars and, as you can see through this area, guys theres quite a lot of trading been happening, and it would provide us with some significant resistance to be able to push back up. If we can see some closes inside this pattern, and we can see some sort of an upside, then this could be potentially a fantastic buying opportunity around this area. And if you think back to a few days ago, when were up at this 220 level, were now getting a potentially 25 discount on that price.

However, as we know, markets can move very quickly and its all hanging in the balance as the dxy is looking to. Potentially make a big break to the upside, so, as ive mentioned guys, this key level and we are seeing a green candle getting put in right now, obviously theres only on the one hour chart if we flip towards the bigger charts well be looking still at sort Of red candles, etc. However, those who missed out on the opportunity to buy solana before may be in luck with another opportunity to buy the bottom as long as we are maintaining this support level at the crucial hundred and fifty dollar level.