Price Analysis

Will Solana Price Hold $50 Support Amidst the Market Uncertainty?

The Solana Price correction to a healthy retracement level indicates the buyer could resume the bullish trend further
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Will Solana Price Hold $50 Support Amidst the Market Uncertainty?

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.

Also Read: Solana (SOL) “FOMO Has Picked Up in a Big Way”

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Will SOL Recovery Regain $70 

  • The formation of a rounding bottom pattern hints at early signs of trend reversal
  • The $48.3 breakout has set the SOL price for a rally to $78.
  • The 24-hour trading volume on the Solana coin is $1.93 Billion, indicating a 4% gain.

Source-Tradingview

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

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SOL vs BTC Performance

Source: Coingape| Solana  Vs Bitcoin Price

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.

  • Moving Average Convergence Divergence (MACD): A potential bearish crossover between the MACD line and the signal line could indicate an increase in bearish momentum in the market.
  • Exponential Moving Average (EMA): The 20-day EMA, currently around the $52 mark, may provide early support during the ongoing correction.

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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