Will the SOL Continue Its Ascent or Is a Deeper Correction Approaching? (solana Price Analysis)
Solana was rejected at major resistance and momentum appears to be shifting.
Key Support levels: $67
Key Resistance levels: $78
1. Is Failure Nearby?
Resistance at $78 did not allow Solana to rise and rejected the price several times. Now the bears appear to be gaining the upper hand as the SOL uptrend loses momentum.
Chart by TradingView
2. Essential Support Under Pressure
A correction looks likely as SOL is currently unable to move higher and the first line of defense for buyers lies at $67. It is critical for Solana to stay above this support level. Otherwise, the price could reach a lower bottom, which could lead to a deeper correction.
Chart by TradingView
3. MACD Momentum Is Changing
The MACD histogram on the three-day time frame is making lower highs and moving dangerously close to the negative side. This shows weakness on the buy side and could turn into a bearish trend if nothing changes this week.
Chart by TradingView
Prejudice
Bias for the LEFT is neutral.
Short Term Forecast for SOL Price
SOL still has a chance to return to the uptrend as long as buyers can keep the price above the key support at $67. If it fails, the trend will turn into a downtrend.
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Cryptocurrency charts from TradingView.
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