The Solana price has undergone a significant correction from approximately $210 to about $116 over recent weeks. However, there is now potential for an upswing.

After our prior caution regarding a substantial correction in Solana when the price hovered around $190, the price has indeed declined by approximately 39%. Consequently, Solana has reached the correction target of around $130.

Solana’s Rough Patch: A 43.3% Decrease in Price

The correction in SOL’s price has been relatively moderate thus far, with the price dropping by over 43% this month.

Consequently, the histogram of the Moving Average Convergence/Divergence (MACD) is also beginning to trend lower in a bearish direction this month. However, the MACD lines maintain a bullish crossover in the monthly chart, while the Relative Strength Index (RSI) is gradually transitioning into neutral territory.

In summary, the bullish upward trend remains sustained as long as Solana maintains support above the golden ratio level at approximately $85.

Read More: 6 Best Platforms To Buy Solana (SOL) in 2024

Will Solana Hold Above $130? Analyzing Golden Ratio Support Impact

Significant Fibonacci support lies within the range of $125 to $130 for the SOL price. Maintaining above this range would signal a strong bullish sentiment.

Alternatively, the 50-week EMA at approximately $85 stands as an additional support level. Weekly chart indicators portray a bearish outlook, w

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Author: Ryan James

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