Solana (SOL) is at a critical point, dealing with indecisiveness during a complex corrective phase. The cryptocurrency’s price fluctuates within a wave structure, struggling to establish a definitive low in wave b. Analysts “Morecryptoonl” predict a potential dip towards $150, highlighting the balance between upward and downward movements.
The technical chart shows an ongoing wave formation, with Solana yet to establish a solid bottom in wave b. The price is currently around significant support levels: the 0.618 Fibonacci retracement at $155.70 and the 0.786 level at $147.82. These levels are crucial and could act as springboards for a price rebound if they hold firm.
The crypto analyst highlighted Solana’s lack of clear, high-quality trade setups. The analyst stressed the importance of the $147 support level, noting that maintaining this threshold keeps the possibility of price increases alive. However, a drop below $147 could trigger a steeper decline, possibly targeting the $90-$109 zone.
Solana’s Price Faces Resistance Hurdle
Currently, Solana is moving upwards towards the $175 resistance level. If SOL surpasses this hurdle, it could rise further, potentially testing the $190 resistance and possibly establishing a new high if it breaches that level.
However, failure to overcome the $175 resistance could trigger a reversal, pushing the price down to the $150 support level. A breach of this support could lead to a further decline, potentially testing the $130 level. In a worst-case scenario, a deeper correction might see SOL revisit the $118 support if it breaks the mentioned support levels.
Solana’s current market position presents both challenges and opportunities. While the short-term outlook suggests a potential dip, crucial support levels offer hope for a rebound. Close monitoring of price action, technical indicators, and market sentiment will be vital for navigating this uncertain landscape in the coming days.