Solana price analysis

Solana broke below the 50-day SMA ($157) on June 11, but the price recovered sharply from the support line of the descending channel pattern on June 12.

broke below the 50-day SMA ($157) on June 11, but the price recovered sharply from the support line of the descending channel pattern on June 12.

SOL/USDT daily chart. Source: TradingView

The bulls will attempt to propel the price above the resistance line. If they succeed, it will suggest that the short-term corrective phase may be over. The SOL/USDT pair will try to rise to $176 and subsequently to the overhead resistance at $189.

This optimistic view will be negated if the price turns down sharply from the 20-day EMA ($162) or the resistance line and plunges below the channel. That could clear the path for a drop to $116.