Briefly –
- SOL had its price climbing by 58% since the 7 September downswing, forming another ATH at $216.91.
- Solana might experience a slight retracement as the MRI printed sell gesture on the 12Hr price chart.
- Meanwhile, breaching the support floor at $160.81 will revoke the bullish narrative.
Solana has registered exponential upsurges over the last month, clearing all its resistance to create new ATHs. Though with impressive upticks, the token appears ready for slight price correction at the moment.
SOL at Inflection Zone
Solana witnessed its price accumulating a whopping 432% surge in the last 27 days, attaining another ATH at $216.91 on 9 September. The flash crash that the entire crypto space on 7 September did not bother SOL as the alt recovered from the plunge the same day.
However, things seem to cool off. Moreover, the token converts the retracement warning to sell signs, confirming that an anticipated price drop may be storming the market. Keep in mind that most crypto tokens register minor plunges following a meteoric price rise.
Also read:On the 12Hr chart, the MRI (Momentum Reversal Indicator) showcased a sell gesture. Such a price setup reflects a 1-4 candle correction. That shows that SOL might endure losses in the coming sessions.
For now, market players may expect SOL to start price retracement. The alternative token’s closest support area locates at $183. SOL has to overcome this barrier to extends its upside actions. Failure to maintain over this level will see bears taking Solana down to $173.73. Retesting this support area constitutes a roughly 10% plunge.
This level has the chance to reverse the trend for exponential price growth. If SOL buyers fail to step up at this level, the asset might drop to $160.81, canceling the bullish thesis.
Meanwhile, SOL’s price has ignored multiple sell signs over the last month. With that, Solana bulls might ignore the current correction speculation. However, they will confirm this if the token forms a significant-close beyond $205.64. Such actions will result in SOL attaining new highs, annulling the bearish narrative.
With increased bid orders, SOL may rise to 162% FIB extension at $232.85.
Stay around to know where Solana is heading in the upcoming sessions.
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