DrDovetail

SOL breaking down from channel.

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FTX:SOLUSD   Solana
The measured move from the yellow channel breakdown has a target of around 3.33 - 3.40. There is a chance however that sol finds support on the green trendline before reaching that full target. If we considered that same yellow channel to be the flag of a bear flag however the measured move goes all the way down to negative 83. Obviously thats not possible but it does leave room for sol to fall as hard as FTT did. For Sol to have a future it is going to need to at least hold support around the channel breakdown measured move imo. If it somehow holds the green trendline as support then that greatly increases its chances of one day reclaiming its former glory…either way for now it looks like there will be more downside to come even if it doesnt reach the full channel breakdown target. *not financial advice*
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