Solana has been dropping for the last 3 months.
- The token is yet to break below key support, the recent breakout zone.
- Solana could head to $60 next if it overcomes the latest weakness.
Solana SOL/USD has lost 1.90% in the last 24 hours. The token remains in the green for the past one week. Our earlier projection set the target at $60, following a key breakout at $43. Solana seems to have lost its previous aggressive bull surge after 3 consecutive days of decline. This thesis interrogates further whether the recent decline is long-lasting or short-lived.
The bearish move of Solana takes the price to $43.44 at press time. We find that Solana’s support is at $43. It suggests that the token is retesting the support, and we are yet to confirm a bearish reversal.
Further scrutiny of Solana shows that the token is on a clear uptrend. The cryptocurrency has successfully overcome the latest hack-inspired decline. It has maintained a system of higher highs and higher lows. The momentum has still not been the strongest.
Solana remains supported at $43 amid bear weakness
Source – TradingView
Technically, the indicators read bullish for SOL. From the daily chart outlook, the MACD line closed above the moving average, confirming bullish momentum. The 21-day and 50-day moving averages also support the token.
The current indications are that SOL is undergoing a correction. There is no confirmed bearish reversal. Investors should watch price action at $43 for a potential bullish reversal. In the less likely scenario that $43 fails to hold, SOL could find the next support at $35.
Summary
Solana token has maintained the $43 support despite the latest weakness. The bull case for the token remains in place. The current retracement is a correction likely to open buy opportunities.
The post Has Solana started a bear reversal, or is it just a correction? appeared first on CoinJournal.
Ndasi Tata is a Bitcoin entrepreneur from Cameroon, who holds an M.Sc in Blockchain and Digital Currency from the University of Nicosia. He is an advocate of Bitcoin in Africa and uses various social media platforms to promote his ideas and ventures. Tata has a background in state journalism and has established himself as a significant figure in the Bitcoin community.
