Wrapped Beacon ETH

<p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; font-size: 15px;">Solana extended the selloff as Trump's remarks on Iran triggered another wave of risk-off flows across crypto markets. The US dollar and Treasury yields jumped after Trump stated that the US doesn’t need a deal with Iran, fuelling inflation concerns and expectations of additional rate hikes. </p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; font-size: 15px;">This continues to create a challenging environment for Solana amid tightening financial conditions and growth concerns. </p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; font-size: 15px;">For now, the macro backdrop remains negative for Solana, so there’s limited room for any rally to be sustained. We will likely need a concrete breakthrough in US-Iran negotiations or a more dovish Fed to trigger a relief rally. </p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; font-size: 15px;"> </p><p class="MsoNormal" style="margin: 0 0 11px; font-family: Aptos, sans-serif; font-size: 15px;">SOLANA TECHNICAL ANALYSIS – DAILY TIMEFRAME</p><p></p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; font-size: 15px;">On the daily chart, we can see that <a href="https://www.tradingview.com/symbols/SOLUSD/" rel="follow">Solana</a> extended the selloff this week amid the hawkish repricing and the increased US-Iran tensions. The sellers will likely continue to target the 74.00 handle. If the price get there, we can expect the buyers to step in, with a defined risk below the level, to position for a rally into the 148.00 level next, with the downward trendline as the first target. The sellers, on the other hand, will want to see the price breaking lower to increase bearish bets into the 60.00 handle next.</p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; font-size: 15px;"> </p><p class="MsoNormal" style="margin: 0 0 11px; font-family: Aptos, sans-serif; font-size: 15px;">SOLANA TECHNICAL ANALYSIS – 4 HOUR TIMEFRAME</p><p></p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; font-size: 15px;">On the 4 hour chart, we have a minor downward trendline defining the bearish momentum. The sellers will likely lean on the trendline, with a defined risk above it, to keep pushing into new lows. The buyers, on the other hand, will look for a break higher to pile in for a rally into new highs, with the major downward trendline as the first target.</p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; font-size: 15px;"> </p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; font-size: 15px;">SOLANA TECHNICAL ANALYSIS – 1 HOUR TIMEFRAME</p><p></p><p>On the 1 hour chart, there’s not much we can add here as the sellers will have a better risk to reward setup around the trendline, while the buyers will need a break to open the door for new highs. The red lines define the <a href="https://investinglive.com/Education/trading-tip-know-the-average-daily-range-adr-20220207/" rel="follow" style="color: rgba(70, 120, 134, 1); text-decoration: underline;">average daily range</a> for today.</p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; font-size: 15px;">UPCOMING CATALYSTS</p><p class="MsoNormal" style="margin: 0 0 11px; font-family: Aptos, sans-serif; line-height: 101%; font-size: 15px;"><a href="https://investinglive.com/EconomicCalendar" rel="follow" style="color: rgba(70, 120, 134, 1); text-decoration: underline;">Today</a> we conclude the week with the US PPI data.  </p><p class="MsoNormal" style="margin: 0 0 11px; font-family: Aptos, sans-serif; font-size: 15px;"> </p> This article was written by Giuseppe Dellamotta at investinglive.com.