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Something I forgot to mention is that a sustained close below the channel’s lower boundary at $126 will trigger a significantCryptocurrencies continued to fall on Saturday, extending Friday's bearish move that brought Bitcoin to its lowest point in a month.Bitcoin's Road Below $50,000: Are You Ready? Here's Why Shiba Inu Can't Wake Up, XRP Breaches Key Support Level
Bitcoin had slightly rebounded following a weaker-than-expected nonfarm payrolls report before reversing to the downside. Although a few cryptocurrencies are trading up, others are down, like Solana, which has fallen 3.19% in the last 24 hours to $127. The SOL token is also down 7.18% weekly.As the crypto market faces selling pressure, the crucial level to watch, according to Ali, is the lower boundary of the SOL parallel channel at $126.
In this scenario, a sustained close below the highlighted key level at $126 might trigger a significant Solana price correction to $110 or even $90. In the event of a price rebound, SOL could rebound from the channel's lower boundary toward the middle or upper boundaries, positioned at $154 and $187, respectively.According to Ali, historically, two weeks before the Solana breakpoint occurrence, SOL prices tend to rise. It increased by 35% in 2021, 35% in 2022, and 60% in 2023. The market closely watches if this historical trend might repeat as the Solana breakpoint event approaches.