Price $SOL is still above key support
Despite the pullback to $160, Solana remains above the key support zone around $158, as predicted by the Fibonacci retracement indicator, useful for identifying key support levels during an uptrend.
If Solana rises above $168 and funding rates remain positive, the next stage of the rally will begin. This could lead to an increase in the price of SOL to $179 and even $184 if the overall market sentiment remains optimistic.
From July 10 to 14, a clear bearish divergence in RSI was observed. The price of SOL reached a new high, but the RSI showed declining highs, indicating weakening momentum even with the price increase. Such divergence often leads to the short-term corrections we are seeing now.
If the bearish divergence in RSI leads to a drop below $158, this could nullify the broader bullish structure. A correction to $152 (the 0.382 Fibonacci level) or lower ($147) threatens to change the structure to bearish in the short and medium term.
