The Solana (SOL) price recently lost an ascending support line that it had been following for 128 days and this breakdown from the line indicates that its entire upward movement that began in January has ended. The Relative Strength Index (RSI) also moved below 50 at the same time. Currently, the SOL price is likely in the C wave of a short-term A-B-C corrective structure and it looks the price is heading for the support level of $15. This area is a confluence of the 0.618 Fib retracement support level and the 1:1 ratio of waves A:C. If the SOL price manages to surpass the resistance at $26, then it might continue to rise towards $32. To sum it up, the current bearish price trend of Solana is likely to reach the support of $15 while a bullish trend is possible if the price breaks the resistance at $26.
Selena Ramirez
- 2023-05-11
SOL Price is Likely Heading For $15
Solana recently lost an ascending support line that it had been following for 128 days. The Relative Strength Index (RSI) also moved below 50 at the same time. Currently, the SOL price is likely in the C wave of a short-term A-B-C corrective structure and it looks the price is heading for the support level of $15.
