đ Solana Eyes $120: Is This the Spark for SOLâs Next Move?
Solana (SOL) is in a delicate dance within a bear pennant, and analysts predict the price could consolidate tightly over the next 4â6 weeks. This consolidation seems to be unfolding, but whatâs next?
As SOL edges closer to the lower end of its range, a short-term bounce might be on the horizon. With a potential Bitcoin (BTC) liquidity run in sight, the SOL bulls could get the push they need! đ„
đ Solanaâs Fibonacci Watch:
On the 1-Day chart, the $122-$187 range is still holding strong, but selling pressure is mounting as the On-Balance Volume (OBV) trends downward. Since August 25th, SOL has dropped 21.7%, but Monday brought a 2.58% bounce. Yet, with OBV near local lows, itâs a sign the bulls might be losing steam.
The RSI at 38 shows that downward momentum is in control. A dip back to the $120 region might be a golden buying opportunityâbut be cautious, a deeper correction could be lurking.
Will SOL bounce back or dive deeper? Keep your eyes peeled! đ
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