SOL retraces after hitting $184 — healthy correction or end of the trend?
Solana (SOL) had an impressive move up to $184.88, but has been retracing in recent days, currently trading at $167.26, with a decrease of nearly -3.76% for the day.
On the daily chart:
The EMA(7) is already above the current price, indicating a loss of strength in the very short term.
The EMA(25) and EMA(99) averages continue to slope upwards, supporting a bullish trend outlook in the medium term.
The RSI(6) is at 48.77, a neutral region that may allow for more correction, but also opens the door for a rebound before the oversold zone.
Volume has been gradually declining since the peak, suggesting that the retracement is more of a natural pullback than intense selling pressure.
Important zones:
Support between $159 and $160 (EMA25 region)
Resistance at $174 and at the peak of $184.88
If the price holds in this support range and forms a reversal candle, it could be the trigger for a new attempt at a rally.
My personal view:
I see this correction as a healthy pause after a rapid rise. If the support at $159 holds, Solana could very well seek a new leg up in the coming days.
Are you buying the dip or waiting for a clearer reversal signal?
