Solana
After reaching $180, is Solana (SOL) price ready for correction?
Solana price showed strength at a time when Bitcoin and Ethereum prices were consolidating in a very tight range. The recent bullish surge has taken levels above $180, which lies within the critical resistance zone between $175 and $195. Now that markets have become more optimistic about the upcoming trend, bearish clouds have started to loom over rising SOL prices.
SOL price started the day on a bearish note, with significant selling pressure circulating overhead. In the short term, the price is moving near the resistance and potential reversal zone located at $185. Considering the theory of Elliot waves, the SOL Price seems to have successfully completed wave 5 of the main wave C. If the bullish trend line is crossed, then the end of wave C can be confirmed and hence, there are fears that SOL price will soon descend towards the zone interim support. .
The 4-hour chart shows the price ranges in an upward trend, but is poised for a notable pullback. After failing to surpass the resistance of the ascending parallel channel due to interference from the bears, SOL price is ready to face a bearish pullback and reach the bullish trendline within the channel. If the bulls fail to sustain the rally at the trendline, which falls between $175 and $177, then a breakout could take the levels below $160, which is one of the crucial reversal zones trend.
Furthermore, the RSI broke above the upper threshold, entered the overbought zone and underwent a bearish rebound. Additionally, there are fears that it will continue to fall, which could increase selling pressure on the crypto. Therefore, the next few hours until the close of the day are extremely crucial for the Solana (SOL) price rise, as a bearish pullback could wipe out all the gains made over the past few weeks.