Will Market Correction Push $SOL Back to $50?

Solana Price Prediction: Amid the current correction phase in the crypto market, the Solana coin price is witnessing supply pressure around the $80 psychological mark. In the last four, the coin’s market value dropped 13.36% to currently trade at the $69.2 mark. The falling price currently teases a breakdown below the lower support trendline of a rising wedge pattern, projecting the SOL price is at risk of further correction.

Also Read: Solana Price Prediction: 3 Catalysts Propelling SOL Towards $100

Is SOL Price Retracement Hit $50?

• A rising wedge pattern governs the current recovery in Solana price.
• Today’s daily candle with a long tail rejects the possibility of a bullish reversal from the $70 mark.
• The 24-hour trading volume on the Solana coin is $2.01 Billion, indicating a 40% gain.

The ongoing recovery trend in Solana price can be traced using a steep ascending trendline offering dynamic support to buyers. From the October 13th low of $21.11, the coin rallied 276% to reach a new yearly high of $79.5.

While this recovery with increasing volume activity projects strength and potential for further growth, the current market turbulence is causing some hindrance in SOL price. Furthermore, with a keen interest in the daily time frame chart, this rising price is developing into a rising wedge pattern.

In theory, this pattern often leads to the formation of a local top and triggers a significant correction. By the press the Solana price trades at the $69.8 mark and with an intraday loss of 1.4% it teases a breakdown below the lower trendline.

A daily candle closing below the wedge pattern would accelerate the selling and possibly trigger a retracement to the $50 mark.

Solana Saga Phones Fetch Premium Prices on eBay Amid Memecoin Airdrop Frenzy

The recent surge in demand for the Solana Saga phone has led to its remarkable resale value on eBay, where it’s fetching prices significantly higher than its original retail cost. This spike in interest can be attributed to the complimentary Bonk memecoin airdrop for phone holders. A recent eBay listing from December 16 shows two brand-new, sealed Solana Saga phones fetching prices as high as $5,000, and another unit was sold for $3,316.

This development could surge the Solana network’s visibility and cause a positive impact on price. Thus, if the SOL price recovery breaks above the upper trendline of the wedge pattern, the 

• Bollinger Band: The midline Bollinger band indicators continue to provide dynamic support amid occasional pullbacks.
• Vortex Indicator: A bullish crossover state between VI+ and VI- slopes reflects the bullish trend in active.