Summary
TLDR: Solana’s price has corrected significantly but there is potential for an upswing. The price has dropped by over 43% this month, reaching the correction target of around $130. Maintaining support above $125-$130 could signal a bullish sentiment, while breaking through $175 is necessary to halt the corrective movement. A death cross on the 4-hour chart indicates a short-term bearish trend. Against Bitcoin, Solana is at crucial Fibonacci support levels with potential for a bullish rebound. Always conduct your own research before making financial decisions.
Key Points
1. The Solana price has undergone a significant correction from approximately $210 to about $116 over recent weeks, but there is now potential for an upswing.
2. The correction in SOL’s price has been relatively moderate, with the price dropping by over 43% this month. The Moving Average Convergence/Divergence (MACD) histogram is trending lower in a bearish direction, but the MACD lines maintain a bullish crossover in the monthly chart.
3. Significant Fibonacci support lies within the range of $125 to $130 for the SOL price, and maintaining above this range would signal a strong bullish sentiment. If Solana rebounds from the Golden Ratio support around $125, it could encounter significant resistance at the 50-day EMA around $156.6.