Will SOL Resume its Rally or is a Deeper Correction Looming? (Solana Price Analysis)

Solana was rejected at the key resistance and momentum appears to be changing.

Key Support levels: $67

Key Resistance levels: $78 

1. Breakdown Soon?

The resistance at $78 did not allow Solana to move higher and rejected the price several times. Now, bears appear to have the upper hand as SOL is losing its uptrend momentum.

Chart by TradingView

2. Key Support Under Pressure

Since SOL is unable to move higher at this time, a correction appears likely and the first line of defense for buyers is found at $67. It is critical for Solana to hold above this support level. Otherwise, the price may make a lower low which could lead into a deeper correction.

Chart by TradingView

3. MACD Momentum is Shifting

The MACD histogram on the three day timeframe is making lower highs and is dangerously approaching the negative side. This shows weakness on the buy side and may turn into a bearish cross if nothing changes this week.

Chart by TradingView

Bias

The bias for SOL is neutral.

Short-Term Prediction for SOL Price

As long as buyers can hold the price above the $67 key support, then SOL still has a chance to return on an uptrend. If it fails, then the bias will change to bearish.

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