Is there any chance of growth for Solana?

Solana is in danger of falling below the ascending support line that has existed since the beginning of the year. A breakdown will signal the end of growth and potentially lead to a sharp decline.

The price of SOL has been rising along the ascending support line since the beginning of 2023 until reaching an annual maximum of $27.12, but since April 20 it began to fall. Since this line has been in existence for 125 days, fixing below it will be a decisive bearish event for us.

The Relative Strength Index (RSI) gives neutral readings. This instrument indicates that an asset is overbought or oversold, depending on whether it is above or below the 50 mark. Accordingly, the further trend may depend on whether it makes a rebound.

Will the Solana price correction continue ?

Technical analysis of the six-hour timeframe indicates the continuation of the downward movement of Solana. The price movement in March and April looks like a corrective structure resembling a short-term A-B-C pattern. Since the movement is upward, Elliott wave theory suggests that the dominant trend is likely to be downward.

The decline since reaching the annual maximum may also be another larger A-B-C correction structure. If this assumption is correct, then waves A:C have a 1:1 ratio, and the predicted minimum is at $15. Although this price level is below the previously identified horizontal support area, it coincides with the 0.618 Fibonacci level (it is marked in red on the chart).

Based on the above, we can conclude that the nearest support area is at $17, and the next resistance is at $26. Fixing the SOL price above $26 will indicate that the trend is still bullish, and the asset may continue to move towards $32.