Technical analysis by colinallison about Symbol SOL: Sell recommendation (4/26/2024)

Macro backdrop: 1. Fed has signaled no rate cuts this year = less liquidity for risk/growth assets 2. DXY looks ready to rise = softness for dollar alternatives i.e. BTC & Gold3. Geopolitical tensions & risk of war leading to uncertaintyBearish Chart Evidence: 1. 3 consecutive lower lows2. Upside channel break3. RSI below 504. MACD Convergence5. Volume reduction6. Money Flow Index moving down7. Larssen Line turned bearishPotential patterns playing out:Potential repeating cup & handle fractal Potential 5 wave elliot correctionIf $118 support is lost, cup & handle could be in play with an ultimate target of $40... but there are many levels between where it can find support$118 -$120 level coincides with bull market support band. If we lose this level, expect further downside to next support at $80.$$118 - $80 roughly corresponds with golden pocket fib retracement on weekly timeframe. High chance of reclaiming this zone to move higher. Targets:1st Target: $1182nd Target: $1003rd Target: $801st Target hit. Let's see if there is any retracement or consolidation before continuing lower.