Amid the current market uncertainty in the crypto market, the SOL price witnessed a sharp reversal from the $68.2 level. in the last six days, this pullback has accounted for 20% and pushed this altcoin’s value to $54.6 and market cap to $23.3 Billion. However, as per the Fibonacci retracement tool, this correction is still in the safe zone, which usually bolsters a strong comeback.
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The current correction in the Solana price is testing support around the 23.6% Fibonacci retracement level at approximately $36.1. The daily candlestick, showing low price rejection at this level, suggests active buyer accumulation.
Corrections of this nature are often seen as normal and healthy within a bull market, as they provide opportunities for the market to consolidate and build bullish momentum. Notably, throughout its recovery phase, the SOL price has not fallen below the 50% Fibonacci level.
In the event of an extended correction, the 38.2% and 50% Fibonacci levels, at $48.3 and $42.2 respectively, will serve as crucial support zones. Should buyers maintain the price above these levels, SOL will likely resume its bullish trajectory, potentially following a rounding bottom pattern.
This pattern could lead to an extended recovery with potential targets at $78.22, $100, $121, and $143
In comparison to Bitcoin, SOL has exhibited a stronger performance in the October-November rally. The aggressive rally characterized by short pullbacks suggests a strong buyer conviction for sustainable growth. Even the current correction seems to be a healthy retracement, which is likely to support the continuation of the recovery rate.
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