Rally

Solana

altFINS

<p><em><strong>Solana Price Faces Pullback After 200% Rally</strong></em></p>
<p>Solana’s SOL token has plunged 7% today to around the $54 mark after a strong multi-week rally of over 200%. According to technical analysis by <a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="altFINS" href="https://captainaltcoin.com/go/altfins/" data-shortcode="true">altFINS</a>, this pullback is expected after SOL broke out from a Falling Wedge pattern and rapidly rallied to hit resistance around the $60 level.</p>
<p>Although the trend remains firmly bullish across short, medium and long-term timeframes, there are signs of short-term exhaustion. The MACD indicator recently formed a bearish divergence with price making higher highs but the MACD line failing to follow suit and instead moving lower. This divergence often precedes a correction.</p>
<p>The key support zone for SOL now sits between $47-50, which aligns with the 38.2% and 50% Fibonacci retracement levels of the recent uptrend. This area may offer an attractive swing trade entry opportunity for traders looking to ride the next leg higher.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="573" src="https://captainaltcoin.com/wp-content/uploads/2023/11/image-536-1024x573.png" alt="" class="wp-image-381992" srcset="https://captainaltcoin.com/wp-content/uploads/2023/11/image-536-1024x573.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-536-300x168.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-536-767x429.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-536-1536x860.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-536-2048x1146.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-536-268x150.png 268w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-536-100x56.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-536-625x350.png 625w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-536-788x441.png 788w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p><em>Source: </em><strong><a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="altFINS" href="https://captainaltcoin.com/go/altfins/" data-shortcode="true"><em>altFINS – Start using it today</em></a></strong></p>
<p>If support around $47-50 fails to hold, the next major support zone sits around $38 which marked the breakout point from the Falling Wedge pattern. As long as SOL holds above this level, the uptrend can still be considered intact.</p>
<p>On the upside, SOL faces resistance zones at $60 where it recently topped out, followed by the psychologically key $80 level. A break above $60 would likely see acceleration towards $80.</p>
<p>So in summary, SOL remains in a firmly bullish uptrend across all timeframes, but a healthy pullback looks to be underway to allow overbought pressures to ease. $47-50 marks an important support zone for bulls to defend.</p>
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<p>The post <a href="https://captainaltcoin.com/solana-sol-price-takes-a-well-deserved-breather-after-explosive-200-rally-but-bulls-remain-in-control/" rel="noopener noreferrer nofollow">Solana (SOL) Price Takes A Well-Deserved Breather After Explosive 200% Rally, But Bulls Remain In Control</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Solana (SOL) Price Takes A Well-Deserved Breather After Explosive 200% Rally, But Bulls Remain In Control

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