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.

블록테크미디어 MICHAEL JANG desk@blocktechmedia.com MICHAEL JANG의 기사 더보기

저작권자 ⓒ 블록테크미디어, 무단 전재 및 재배포 금지