Solana Tests Resilience: Potential for a Bullish Rebound to $175

• Solana’s price has experienced a significant correction, dropping from $210 to $116 in recent weeks.
• Key support and resistance levels, including Fibonacci levels and EMAs, are pivotal in determining Solana’s future trajectory.
• Mixed signals from indicators, such as the MACD and RSI, suggest uncertainty regarding Solana’s short to medium-term trend.

In recent weeks, the price of Solana has undergone a substantial correction, plummeting from its peak of approximately $210 to around $116. This downturn, though significant, has spurred speculation about a potential upswing in the near future.

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Following previous warnings of an impending correction when Solana’s price hovered around $190, the cryptocurrency has indeed experienced a decline of nearly 39%. This decline has brought Solana to its correction target of approximately $130.

The correction in Solana’s price has been notable, with a decrease of over 43% within the past month alone. This downward trend is reflected in various indicators, including the MACD, which is showing a bearish trend. Despite this, there are still bullish indicators present, such as the bullish crossover in the MACD lines on the monthly chart.

Key levels of support and resistance are crucial in determining Solana‘s future trajectory. Significant Fibonacci support lies within the $125 to $130 range, indicating potential bullish sentiment if maintained. However, there are additional support levels to consider, such as the 50-week EMA around $85.

Looking ahead, Solana faces key Fibonacci resistance levels, particularly around $156.6 and $175. Breaking through these levels could signal an end to the corrective movement, although horizontal resistance between $162.5 and $170 poses a challenge.

In the short to medium term, indicators offer mixed signals, with bullish momentum indicated by the MACD histogram and EMAs, but neutrality from the RSI. However, the recent formation of a death cross on Solana’s 4-hour chart suggests a short-term bearish trend.

Read also:

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