Solana price technicals are at odds with numerous headwinds for SOL.
Solana price down 97% from November 2021 peak
On the daily chart, SOL's price rebounded to around $10.25, up over 20% from its previous day's low of approximately $8.Nevertheless, the intraday recovery did little to offset the overall bear trend — down 97% from its record peak of $267.50 in November 2021, and down over 20% in the past week., Solana now joins the ranks of the worst-performing tokens of 2022, namely FTX Token and LUNA, which are down around 98%.
Traditional analysts consider a Doji as a potential reversal candlestick pattern, given it shows that bears and bulls are at a a stalemate. Therefore, from a technical perspective, a Doji formation during a long uptrend period could suggest a bearish reversal in the making, and vice versa. SOL's Doji has appeared after a long downtrend period, as shown in the daily chart below. That, coupled with the token's oversold SOL/USD daily price chart featuring Doji candlestick pattern. Source: TradingView
SOL's primary upside target looks to be around $15, up over 50% from current price levels. The $15 level has served as resistance since Nov. 13, 2022.
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