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”
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.
The PEPE Coin price has returned to a crucial demand zone after a sharp decline,…
The Solana price narrative continues to gain traction as market voices highlight both technical accumulation…
Avalanche price has sunk into a correction after falling by 16% from its highest point…
Chimpee, the project behind the hyped CHMPZ tokens, combines the best of both worlds. It…
Ethereum price is showing signs of resilience after recent turbulence, with renewed attention on whale…
The HYPE price outlook has gained attention after a market analyst, Ali Charts, remarked that…