Jan 18, 2024
By: Nisha Kumari
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Gradual decline in prices by more than 10% over a course of several days, which indicates that bullish traders have become exhausted.
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SOL is undergoing a corrective phase, seeking to sustain its value above the critical support level of $100 and the 23.6% Fibonacci retracement level.
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In a week, the altcoin's value declined by 26%, stabilizing at the support level around $96-$100.
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SOL price after corrective phase exhibited a surge, seeking to sustain its value above the critical support level of $100 and the 23.6% Fibonacci retracement level.
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The emergence of BONK and SOL Saga Phone has played a significant role in decentralized finance enhancing SOL's visibility that has fostered broader adoption.
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SOL saw 5.5% intraday gain with morning star pattern near $107. Surpassing resistance leads to retesting of SOL at $126, suggesting a substantial recovery.
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The rounding pattern indicates gradual accumulation propelling neckline resistance at $260.
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To secure stronger confirmation of a sustainable uptrend, buyers need to surpass the 50% level, situated at the $134.3 mark.
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