Solana (SOL) has recently shown signs of recovery, however, the price has only increased by more than 3% over the past month. Currently, SOL is down 5.29% on the daily chart.
The current market sentiment remains bearish and traders are likely to continue pushing SOL prices lower.
SOL’s recent decline involved a rejection at the $160.09 resistance level, which led to further declines.
At the moment, SOL has found support at $128.18 and is expected to stabilize temporarily before making a new move.
Source: TradingView
With this correction, SOL could be preparing for a major rally, based on its past patterns.
SOL is entering an accumulation phase, where traders gradually increase their SOL holdings in anticipation of a price increase.
Source: TradingView
If this trend continues, SOL could rise to 182.02%, reaching $361.88.
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