Solana's price recently surged to a new all-time high but has since experienced a pullback, suggesting a correction may be underway. The altcoin has gained over 48% in the last week. The blockchain supporting Donald Trump's new meme coin, which debuted on January 18, has seen strong performance compared to other major cryptocurrencies. The current pullback has brought Solana to an important Fibonacci support level at $247, and if the price holds above this level, it could indicate another rally is imminent. However, if the price struggles below $247, further downside is possible, potentially testing the $234 level or lower. The next few days will be crucial for Solana.



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