Samuel Alberto
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#Solana(SOL) ready for correction after recording more than 500% profit? - Analysis
Solana (SOL) is among the best performing cryptocurrencies on the market, registering more than 500% year to date. The asset jumped from US$9.9 to US$68.4.
Despite these substantial gains, SOL may be poised for a brief correction before the uptrend resumes.
SOL shows signs of exhaustion
The TD Sequential Indicator suggests that SOL may have reached a peak in this bull rally. The main objective of the indicator is to detect trends that have become too extensive and are likely to be reversed.
The Relative Strength Index (RSI) is at 75 on the weekly chart, an overbought region and signals that a potential trend reversal or corrective pullback will occur soon.
Solana could see an increase in profit taking and trigger a correction that could last one to four weekly candles if these bearish signals materialize.
Solana Forecast: A Drop Before New Highs
The Fibonacci Retracement Indicator suggests that an increase in selling pressure could push Solana towards the 78.6% retracement level at $47.6. A sharper correction to the 61.8% retracement level at $35.8 could occur if it breaks previous support.
$SUN
In conclusion, for the bearish forecast to be nullified, SOL must end the week above the recent top of US$68.4.
If this were to occur, investor interest would be piqued again, potentially driving Solana's price to a new yearly high of $108.
Solana (SOL) is among the best performing cryptocurrencies on the market, registering more than 500% year to date. The asset jumped from US$9.9 to US$68.4.
Despite these substantial gains, SOL may be poised for a brief correction before the uptrend resumes.
SOL shows signs of exhaustion
The TD Sequential Indicator suggests that SOL may have reached a peak in this bull rally. The main objective of the indicator is to detect trends that have become too extensive and are likely to be reversed.
The Relative Strength Index (RSI) is at 75 on the weekly chart, an overbought region and signals that a potential trend reversal or corrective pullback will occur soon.
Solana could see an increase in profit taking and trigger a correction that could last one to four weekly candles if these bearish signals materialize.
Solana Forecast: A Drop Before New Highs
The Fibonacci Retracement Indicator suggests that an increase in selling pressure could push Solana towards the 78.6% retracement level at $47.6. A sharper correction to the 61.8% retracement level at $35.8 could occur if it breaks previous support.
$SUN
In conclusion, for the bearish forecast to be nullified, SOL must end the week above the recent top of US$68.4.
If this were to occur, investor interest would be piqued again, potentially driving Solana's price to a new yearly high of $108.
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