Solana (SOL) Might Enter Price Correction
MICHAEL JANG
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2024.11.12 10:00
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Despite recent strong gains that have seen Solana hit highs above $210, there are indications that a price correction may be imminent.
SOL's chart displays signs of slowing momentum following a significant rally, which is a common indication of possible price exhaustion.
These indicators could point to a brief retracement prior to a subsequent leg up, even though the overall trend is still bullish.
Upon examining the daily chart, it is evident that Solana has risen above important moving averages, with the 50-day and 100-day EMAs hovering around $162 and $158, respectively.
The main support in the event of a pullback could be these levels.
For SOL's trend, a correction to these levels would probably be beneficial, allowing buyers to reenter the market at more advantageous prices.
Additionally, as buying pressure temporarily lessens, assets frequently experience some consolidation or a pullback in overbought territory, which the RSI indicator has entered.
This could mean a pause or minor retracement in the upward trend rather than a bearish reversal.
An area of recent consolidation, $177, provides immediate support if Solana does retrace.
If the price drops below this level, it may reach the 50-day EMA at $162 ,which would be a critical support zone to keep the bullish structure in place.
Given the strong uptrend, a break below this could indicate a deeper correction, though this seems less likely.
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