#Cryptocurrency, #Solana, #SOL, #TradingAnalysis, #CryptoMarket, #BullishTrend, #BearishTrend, #BlockchainTechnology
Solana (SOL), a high-performance cryptocurrency, witnessed a significant rally which propelled its price to rise above the $65 resistance against the US Dollar. However, the price is now undergoing a correction phase, and there is a possibility that it might slip below the $50 support line.
The SOL price initially sparked a major surge above the $60 resistance mark against the US Dollar before facing pressure from bears. Following the rally, the price now hovers below $60, slipping behind the 100 simple moving average (4-hour basis). Moreover, a break below the short-term ascending channel at $58.00 support on the SOL/USD 4-hour chart suggests the pair could accelerate its decline below the $55.00 support core in approaching sessions.
In recent history, Solana experienced a fervent rally leading to its value surpassing the $60 marker. This got bolstered further, pushing SOL to settle above $60 and subsequently outperform Bitcoin and Ethereum. The bulls did not stop there and managed to inflate the price beyond the $65 level resulting in the formation of a high at $68.16. This was followed by a downside correction, with the price decreasing to below $60 and settling around $52.
The impending resistance is expected near $59.50, proximate to the 50% Fibonacci retracement level of the downward swing from the $68.16 peak to the $51.23 bottom. The first significant resistance is looming around $60.00, and any breach above this resistance could fast-track a larger increase. A breakthrough above the $62.00 resistance could drive SOL’s price towards the key resistance level at $68.50, followed by $72.00. However, if SOL fails to recover above the $60.00 resistance, there might be additional declines in its market value with initial support speculated around the $55.00 marker. Significant support levels remain at $55.00 and $51.20.
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