Solana Price Correction: What’s Next for SOL?
The price of Solana (SOL) has experienced a correction after reaching highs above $150, with the cryptocurrency now trading near $145. The decline below the $146 support level has raised concerns among investors, but there is still potential for a fresh increase if key support levels hold.
According to data from Kraken, SOL price started a fresh decline after breaking below a key bullish trend line with support at $149. The price is now consolidating near $145 and the 100-hourly simple moving average, indicating a period of indecision in the market.
Despite the recent correction, there is optimism that SOL could aim for a fresh increase if it stays above the $140 support zone. However, if the price fails to rise above the $146.50 resistance level, it could signal another decline towards the $140 support level.
Technical indicators suggest that the MACD for SOL/USD is gaining pace in the bearish zone, while the RSI is below the 50 level. This indicates that there may be further downside potential for SOL in the short term.
Investors will be closely watching key support levels at $140 and $142, as well as resistance levels at $150 and $152. A successful close above these resistance levels could pave the way for another steady increase, with the next major resistance level at $160.
Overall, the future direction of Solana’s price remains uncertain, with both bullish and bearish scenarios on the table. Traders and investors will need to monitor key support and resistance levels closely to gauge the next move for SOL.
