The Solana (SOL) price has been on a bull rally recently, trading above the critical $24.00 and $20.50 support levels. Bulls were able to break past the $25 level and set a high of $26.03 before the correction. Currently, solana is trading around the $24 level, but it is expected that the potential downside correction will not last long. There is a key rising channel forming with resistance near $26.20 which may lead to another bullish rally.

The 4-hour chart has shows that the MACD is losing momentum in the bullish zone while the RSI is correcting lower from the 60 level. On the downside, initial support is near the $24.30 level. The next major support lies at the $23.80 level. Any further losses might bring solana towards the $22.20 mark. Meanwhile, major resistance is seen at $25.50, $26.00 and $27.50 respectively, in order for the bulls to drive the price further up.

To conclude, solana may have some corrective action but given the bullish momentum, the outlook is still bullish. Bulls need to protect the key supports to launch a new rally, otherwise, the correction could deepen further. Therefore, traders should follow closely the critical supports, and look out for legitimate buying opportunities once the price stabilizes and begins to move higher again.



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