Most of the top altcoins have seen a brief correction over the past few days as the global market cap has fallen slightly. Solana is looking a bit stronger today after rebounding from $51. The price has increased by 8% in the past 24 hours.
Last week, after witnessing a massive price swing to a peak of $68.2, Sol lost momentum and experienced a brief correction. The move was triggered by a strong rejection that saw the price drop by nearly 20% in a week.
Nevertheless, the asset remains strong on the weekly chart, recovering above $51 earlier today. At the same time, this level provided solid support during the recent correction phase. A break below this support could trigger another decline in the coming days.
While predicting, it is important to note that the medium-term trend still favors the bulls. A further break above the $60 level could put the bulls back on track on the daily chart.
If such a setup plays out, Sol might pause its correction until it encounters strong resistance. But as things stand, Sol might suffer more losses in the coming days.
In case of a broader correction, the recently broken ascending channel will be an area to retest.
SOL Key Levels to Watch
If SOL manages to break above the $60 level, the closest resistance for a retest will be $62. Thereafter, the $65 and $68.30 levels act as resistance areas to watch for higher price action.
If the price turns down from the current trading levels, a drop back to $51.30 — currently the weekly low — is possible. A breakout above this low could take the coin to $48.3 and $44.83. A broader correction from there could push the price to $38.
Key Resistance Levels: $62, $65, $68
Major Support Levels: $51.30, $48.31, $44.83
