bullish

Solana

Reversal

The post <a href="https://coinpedia.org/price-analysis/sol-price-reversal-under-50-fibonacci-warns-another-drop-to-115/" rel="noopener noreferrer nofollow">SOL Price Reversal Under 50% Fibonacci Warns Another Drop To $115</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
The broader market sentiments struggle to turn green as the weekly closing in Bitcoin comes below $60K. Furthermore, the ETF markets reveal a weakness in the Bitcoin and Ethereum ETFs. Will this weakness lead to another bearish run in Solana, eventually dropping the SOL price under $100? Let’s take a closer look at the Solana price chart to find out the underlying risk.&nbsp;
<h2 class="wp-block-heading" id="h-solana-price-performance">Solana Price Performance</h2>
Following the recent crash of 40% from the $193 peak to the $115 bottom, a bounce back in Solana revived the bullish hope of survival. With a V-shaped recovery, the SOL price jumped to the $163 level, a 40% hike in 3 days.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfmcZQqd04_-qAKxyPk1IbOjD1s-jDysEIUQSw4R_DCH2-sgygYVX3SISzxBmep1Cmx6pDt9iFlk6OzhQszIY3hXB2EQUJLOThZjzXf7r-IV8q9Vqnn3ySrwonWUeskd6gShv38NsNdG6ajyJQF59snug9K?key=YbUKRlMFzA5YDVtKgeHeLA" alt="">
</figure>
<a href="https://www.tradingview.com/x/E2ysiM4i/" rel="noopener noreferrer nofollow">TradingView</a>
However, the bullish momentum quickly subsides with the incoming supply chilling down the hype. Although the recovery run surpassed the 50 and 200 EMA in the 4-hour chart, a reversal drops SOL price back under $150.
The Fibonacci retracement levels over the recent correction reveal the incoming supply surged at the 61.80% level. Further, it drops Solana under the 38.20% Fib level.&nbsp;
As the current sustenance above $140 comes as a retest of the broken 38.20% Fib level, the downside risk grows.&nbsp;
Technical Indicators:
RSI: The 4-hour RSI line halts before reaching the oversold boundary line for a minor surge. However, this only increases the downside potential with additional loss possible before the SOL price hits the oversold category.&nbsp;
EMA: The V-shaped recovery fails to overturn the 50 and 200 EMAs alignment, and the ongoing correction has increased the gap. Thus, the dynamic averages in the 4-hour chart are now acting as bearish agents of resistance.&nbsp;
<h2 class="wp-block-heading" id="h-will-the-sol-price-hit-115">Will The SOL Price Hit $115?</h2>
Failing to accumulate enough bullish momentum to absorb incoming waves of supply, the downfall in Solana is likely to continue. However, the bullish dominance at 23.60% Fibonacci level at $133 is a crucial crossroads.&nbsp;
A breakdown below $133 will test the $115 level. However, a reversal rally could reclaim the $150 for a jump to $180 in the weeks ahead.&nbsp;

SOL Price Reversal Under 50% Fibonacci Warns Another Drop To $115

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