Solana (SOL) Price is showing minor correction on Tuesday after a massive rally over the past month. the altcoin has reclaimed the title of sixth-largest cryptocurrency by market cap, overtaking Terra. It most recently overtook the competing Layer 1 network when SOL hit a high of $143.50.
Solana (SOL) Price Analysis
The last couple of days revealed that the Solana price followed the bearish movement. However, the market is projecting a volatile movement where Solana could head in the next possible direction.
The upside resistance for the asset resides at $144.50 whereas the bears will try to push the altcoin below the support zone placed at $130.85.
- Resistance zones – $135, then $152
- Support zones – $120, then $105.
However, If we consider the long term, SOL Price is currently trading at $132, with the next resistance level being at the $151 level, after which the $173 level comes into play. On the downside, Solana could fall back and retest the $120-$122 support level, which should hold for the bullish trend to remain intact.
Also Read Bitcoin Bull Run In Progress – BTC Price May Hit This Level In Next 12-Months!
What’s Next For SOL Price?
According to analyst Ali Martinez, SOL Price is likely to retrace since the TD Sequential on the 2-day chart shows a sell signal. A spike in profit-taking could push $SOL towards $112.2 or even $104. A decisive close above $143.5 could have the strength to validate the bearish thesis for SOL.
Another, a crypto analyst with Twitter handle @SmartContracter tweeted on SOL/BTC trading pair. As per the analysts, the pair is forming an extended W pattern. Explaining his chart the analyst pointed out that after this 5 wave rise i think it’ll has a fairly significant 20%+ pullback before it runs for ath
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Source: https://coinpedia.org/altcoin/solana-sol-price-to-enter-correction-phase/