Convergence

Solana

Bitcoin

Divergence

<img width="1200" height="681" src="https://coingape.com/wp-content/uploads/2023/11/5DpVZQe9-e1700509828530.png" class="attachment-full size-full wp-post-image" alt="SOL price" decoding="async" style="float:right; margin:0 0 10px 10px;">
The recent parabolic increase in the Solana (SOL) coin’s price reached a local peak at a 19-month high of $68.2. Following this, altcoin has <a href="https://coingape.com/markets/solana-price-prediction-hints-fall-below-50/">undergone a minor correction</a> in the face of the current uncertainties in the crypto market, resulting in a 15.6% decline to its current trading price of $57.00. However, is this correction a temporary phase, or if it will extend further 
Also Read: <a href="https://coingape.com/solana-sol-fomo-has-picked-up-in-a-big-way-santiment/">Solana (SOL) “FOMO Has Picked Up in a Big Way”</a> 
<h2 id="b-will-sol-recovery-regain-70-b">Will SOL Recovery Regain $70&nbsp;</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">The formation of a rounding bottom pattern hints at early signs of trend reversal</li> 
 <li style="font-weight: 400;" aria-level="1">The $48.3 breakout has set the SOL price for a rally to $78.</li> 
 <li style="font-weight: 400;" aria-level="1">The 24-hour trading volume on the Solana coin is $1.93 Billion, indicating a 4% gain.</li> 
</ul> 
<img decoding="async" src="https://s3.tradingview.com/snapshots/5/5DpVZQe9.png" alt="TradingView Chart">Source-Tradingview 
The current correction in the <a href="https://coingape.com/price/solana/">Solana price</a> is testing support around the 23.6% Fibonacci retracement level at approximately $36.1. The daily candlestick, showing low price rejection at this level, suggests active buyer accumulation.&nbsp; 
<blockquote>
 Corrections of this nature are often seen as normal and healthy within a bull market, as they provide opportunities for the market to consolidate and build bullish momentum. Notably, throughout its recovery phase, the SOL price has not fallen below the 50% Fibonacci level.&nbsp;
</blockquote> 
In the event of an extended correction, the 38.2% and 50% Fibonacci levels, at $48.3 and $42.2 respectively, will serve as crucial support zones. Should buyers maintain the price above these levels, SOL will likely resume its bullish trajectory, potentially following a rounding bottom pattern.&nbsp; 
This pattern could lead to an extended recovery with potential targets at $78.22, $100, $121, and $143 
<h2 id="b-sol-vs-btc-performance-b">SOL vs BTC Performance</h2> 
<img decoding="async" class="aligncenter size-full wp-image-165096" src="https://coingape.com/wp-content/uploads/2023/11/image_2023-11-21_01-19-21.png" alt="SOL vs BTC" width="1920" height="1080" srcset="https://coingape.com/wp-content/uploads/2023/11/image_2023-11-21_01-19-21.png 1920w, https://coingape.com/wp-content/uploads/2023/11/image_2023-11-21_01-19-21-300x169.png 300w, https://coingape.com/wp-content/uploads/2023/11/image_2023-11-21_01-19-21-1224x689.png 1224w, https://coingape.com/wp-content/uploads/2023/11/image_2023-11-21_01-19-21-768x432.png 768w, https://coingape.com/wp-content/uploads/2023/11/image_2023-11-21_01-19-21-1536x864.png 1536w, https://coingape.com/wp-content/uploads/2023/11/image_2023-11-21_01-19-21-678x381.png 678w, https://coingape.com/wp-content/uploads/2023/11/image_2023-11-21_01-19-21-150x84.png 150w" sizes="(max-width: 1920px) 100vw, 1920px">Source: Coingape| Solana&nbsp; Vs Bitcoin Price 
In comparison to Bitcoin, SOL has exhibited a stronger performance in the October-November rally. The aggressive rally characterized by short pullbacks suggests a strong buyer conviction for sustainable growth. Even the current correction seems to be a healthy retracement, which is likely to support the continuation of the recovery rate. 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Moving Average Convergence Divergence (MACD): A potential bearish crossover between the <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/">MACD</a> line and the signal line could indicate an increase in bearish momentum in the market.</li> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average (EMA): The 20-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a>, currently around the $52 mark, may provide early support during the ongoing correction.</li> 
</ul> 
The post <a rel="nofollow" href="https://coingape.com/markets/key-levels-to-watch-as-solana-price-mode-from-68-barrier/">Key Levels to Watch As Solana Price Enters Correction Mode from $68 Barrier</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Key Levels to Watch As Solana Price Enters Correction Mode from $68 Barrier

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