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Decoding Solanaโs Price Movement: What to Expect Next?
As you track the price movements of Solana (SOL), it is crucial to understand the current corrective phase and speculate on potential trends. Here is a breakdown of recent developments and key indicators:
Tracking Solana: A Short History of SOL Price Developments ๐
- Solana saw a rebound from the golden ratio support near $125 but continued to descend.
- After hitting a local high of $209, a correction dropped the price to $162.5, signaling a corrective phase.
- A bounce from the golden ratio support at $125 led to a surge to the 50-day EMA at $155 but faced resistance.
- Solana now finds significant Fibonacci support around $143, indicating a potential reversal point.
- A rebound from this support could push the price towards the 50-day EMA at $155 and potentially reach $175.
Death Cross Forms on Solanaโs 4H Chart โฐ๏ธ
- In the 4-hour chart, a death cross on the EMAs confirms a short-term bearish trend for Solana.
- Despite this, the MACD histogram hints at a bullish uptick with support near $143 and a target at the 50-4H EMA at $149.5.
Why Solana Crashed 45%: Factors Behind the Steep Decline ๐
- Solanaโs price correction of over 45% could find support between $79 and $89.5, near the 50-week EMA and golden ratio support.
- Sustaining the price above $85 is crucial for a bullish trajectory despite bearish indicators on the weekly chart.
Bearish Signs: MACD Histogram Ticks Lower on Monthly Chart ๐
- With a 43.3% decline this month, the MACD histogram indicates a bearish trend for Solanaโs price.
- However, the bullish crossover of the MACD lines and a neutral RSI suggest a potential stabilization in market sentiment.
Solana vs. Bitcoin: Anticipating a Bullish Rebound from Fib Support ๐
- Solana finds support between 0.0021 and 0.0023 BTC against Bitcoin, potentially signaling a bullish rebound.
- While the MACD lines show bearish trends, the RSI remains neutral, lacking clear signals for now.
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