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<p>Renowned crypto trader Ali has <a href="https://twitter.com/ali_charts/status/1731966388334436677" target="_blank" rel="noopener noreferrer nofollow">raised</a> concerns about the potential for a price correction in Solana ($SOL), shedding light on technical indicators that suggest caution for investors.</p>
<p>Ali’s tweet highlights the TD Sequential, a technical indicator that recently signaled a sell on Solana’s weekly chart. This warning, combined with the Relative Strength Index (RSI) entering overbought territory, adds to the apprehension surrounding SOL’s current price levels.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="642" src="https://captainaltcoin.com/wp-content/uploads/2023/12/image-110-1024x642.png" alt="" class="wp-image-391811" srcset="https://captainaltcoin.com/wp-content/uploads/2023/12/image-110-1024x642.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-110-300x188.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-110-768x481.png 768w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-110-1536x962.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-110-2048x1283.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-110-239x150.png 239w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-110-100x63.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-110-559x350.png 559w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-110-788x493.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-110.png 680w" sizes="(max-width: 1024px) 100vw, 1024px">
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<h2 class="wp-block-heading" id="strong-price-correction-risk-strong"><strong>Price Correction Risk</strong></h2>
<p>The trader suggests a looming risk of a price correction, emphasizing that a spike in profit-taking could prompt a retracement to $47.6. Investors are advised to closely monitor these indicators, as they may signal a shift in Solana’s recent bullish momentum.</p>
<p>According to Ali, Solana needs to secure a weekly candlestick close above $68.4 to counter the bearish outlook. Achieving this could pave the way for a bullish trajectory targeting $108. Until then, the cautionary stance remains in place.</p>
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<p>Investors and market participants are urged to exercise vigilance in light of these technical signals, as they could influence the short-term price dynamics of Solana. The cryptocurrency market’s inherent volatility adds an additional layer of complexity, requiring a strategic approach to navigate potential market shifts.</p>
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<p>The post <a href="https://captainaltcoin.com/solana-at-risk-of-price-correction-analyst-warns-of-specific-action-that-could-drive-sol-to-47-6/" rel="noopener noreferrer nofollow">Solana at Risk of Price Correction, Analyst Warns of Specific Action That Could Drive SOL to $47.6</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Solana at Risk of Price Correction, Analyst Warns of Specific Action That Could Drive SOL to $47.6

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