Summary
TLDR: Solana (SOL) is in a corrective phase and may decline further, possibly reaching $130. Price rebounded from 50-day EMA support but faces resistance at $180 and $195. MACD shows bullish momentum but RSI is neutral. Golden crossover indicates bullish trend, but corrective phase may continue until surpassing $195. Death cross possible in 4-hour chart, signaling short-term bearish trend. Price has dipped over 20% in tough week, with potential support at $160, $130, and $85. MACD histogram may signal downturn in coming month. Against Bitcoin, bullish bounce anticipated at Fibonacci support levels, with significant support at 0.00145 BTC. Always consult a professional before making financial decisions.
Key Points
1. Solana (SOL) is currently undergoing a corrective phase, with indications that the price could potentially decline further.
2. Solana’s price rebounded from the 50-day EMA support at the 0.382 Fib level of around $160, and currently faces significant Fib resistances around $180 and $195. The MACD histogram has shown bullish momentum, but the MACD lines are bearishly crossed, and the RSI remains neutral.
3. Solana has experienced a decline of over 20% from its weekly peak of approximately $205, with Fibonacci supports observed around $160 and $130. A severe correction could potentially lead Solana to retreat to the golden ratio support near $85. The MACD histogram signals a potential downturn in the coming month.