Solana price forecast after a 5% decline; Can it recover from its recent decline?
Traders are wondering whether Solana (Solana-SOL#solana#) will be able to recover from its recent decline after falling nearly 5% on Monday following a reversal in macroeconomic winds.
Solana's price is currently around $144, a sharp decline from its levels recorded during the previous trading session, which exceeded $156, but it is still up 17% from its lowest levels on Saturday near $120.
Solana fell suddenly last week in light of a widespread selling movement in alternative currencies as a result of fears of war between Israel and Iran. However, fears of the outbreak of an all-out war declined slightly on Sunday, which allowed Solana’s price to rebound, but it is still suffering from the rise in US government bond yields. And the US dollar on Monday.
On the other hand, the 4-hour Solana price chart indicates a possible short-term uptrend.
Solana price chart
Solana price forms a short-term upward trend; Will it test the $160 level soon or will macroeconomic headwinds push it back to the $120 level? – Source: TradingView If the market recovery continues, the uptrend will target the resistance level near $160.
