Solana

Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/key-developments-in-cryptocurrency-challenges-faced-by-solana-sol/" data-wpel-link="internal">Key Developments in Cryptocurrency: Challenges Faced by Solana (SOL)</a><br></p>
<p style="text-align: justify"><strong>Solana</strong> recently triggered a new correction by retreating from nearly its highest level of the year at $126.36. Over the past three days, the cryptocurrency’s price has fallen by 21.6%, revisiting the psychological $100 level in parallel with the 23.6% Fibonacci retracement level. What are the expectations in the cryptocurrency markets?</p> 
<h2 id="sol-s-trading-volume-decreases">SOL’s Trading Volume Decreases</h2> 
<p style="text-align: justify">Solana’s 24-hour trading volume is at $4.49 billion, which translates to a 1% loss. Over the last four months, the <strong><a href="https://en.coin-turk.com/sol-coin-analysis-price-targets-and-technical-indicators/" data-wpel-link="internal">SOL</a></strong> price has shown a notable recovery. The price rose from the mid-September low of $17.3 to $126.2, recording a 626% growth. With a market value of $46 billion, Solana (SOL) is positioned as the fifth-largest cryptocurrency.</p> 
<p style="text-align: justify">After gaining momentum in the second half of December, the Solana price formed a local peak at $126.36 and retraced to the $100 level at the 23.6% Fibonacci retracement level. This convergence created a high area of interest (AOI) and led to a 6% price increase today, forming a bullish engulfing candle. Theoretically, a retracement to this FIB level can be considered healthy for buyers to regain strength and continue the recovery rally.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-295837 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/12/solana-1.png" alt="" width="1946" height="937"></p> 
<h2 id="sol-and-btc-consolidation">SOL and BTC Consolidation</h2> 
<p style="text-align: justify">A potential rebound from the mentioned support could increase the <strong>SOL</strong> price by 16.6%, challenging the high resistance level of $126.36 again. A breakout above this level would better confirm the continuation of the uptrend and could push the price to potential targets of $143 and then $177.</p> 
<p style="text-align: justify"><strong>Solana’s</strong> short-term outlook shows a strong bullish trend, while the ongoing consolidation in the largest cryptocurrency, <a href="https://en.coin-turk.com/bitcoin-surprises-investors-with-a-remarkable-rise-in-price/" data-wpel-link="internal">Bitcoin</a>, continues to create an uncertain sentiment in the market. If the SOL price drops below the $100 level, cryptocurrency holders can mark critical support at $84 and $72, corresponding to the 38.2% and 50% Fibonacci levels, respectively. Any correction below 50% could start to reflect weakness in the buyers’ conviction.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/key-developments-in-cryptocurrency-challenges-faced-by-solana-sol/" data-wpel-link="internal">Key Developments in Cryptocurrency: Challenges Faced by Solana (SOL)</a></h5>

Key Developments in Cryptocurrency: Challenges Faced by Solana (SOL)

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