The Solana (SOL) price is likely to see a correction after losing an ascending support line that has been in place for 115 days. This line has been used to track the rising price since the beginning of the year, which peaked at $27.12 on Feb. 20. The Relative Strength Index (RSI) has supported this break by falling below 50, indicating a bearish trend. According to the Elliott Wave Theory, this decrease could be part of a larger A-B-C corrective structure, ending at an average price of $17. In case of such a decrease, the 0.618 Fibonacci Retracement support level, located near the bottom, is likely to come into play. However, if the Solana price clears the $26 mark, then the trend may remain bullish and the price could increase towards $32.
Alina Sanders
- 2023-04-25
Solana (SOL) Forecasted for Price Corrections
The Solana (SOL) price has lost its ascending support line after 115 days of staying in place. According to the Elliott Wave Theory, the price is likely to decrease to an average price of $17 and could potentially go as low as the 0.618 Fibonacci Retracement support level.
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