Solana (SOL) is currently going through a price correction and there are strong indications that its price could decline further.
As part of this correction, SOL is likely to drop to around $130, as BeInCrypto analyzed the price charts.
Solana's Price is Recovering from the 50-Day EMA
The previous day, Solana reached the 50-day EMA support at around $160 at the 0.382 Fib level and experienced a strong recovery. Currently, SOL price is facing a key Fib resistance near $180 and $195.
Moreover, the Moving Average Convergence Divergence (MACD) histogram has shown an upward trend in the last three days. However, the MACD lines are crossing downwards and the Relative Strength Index (RSI) remains neutral.
In addition, the EMAs maintain an upward crossover in the short to medium term. However, the correction phase will be completed if Solana breaks the golden ratio around $195.
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