Any energy left for Solana (SOL) to keep the rise?
Solana (SOL) grows the most today among the top 10 cryptocurrencies. Altcoin hit a new high and rose more than 10%.
SOL / USD
On the hourly calendar, Solana (SOL) faces a short-term correction after a new high at around $ 230.
From the technical point of view, the ongoing correction may continue until Solana (SOL) touches the EMA 55. The trade sell volume is low, which means that there is a high potential for trading. rebound of this area.
On the 4H chart, the decline might be more profound if bulls cannot hold the altcoin above $220.
In this regard, the price decline may take SOL back to the nearest support at $ 219. In case sellers break it and fix below, bulls might lose their initiative in terms of further growth.
Longer term, Solana (SOL) could face a short term decline before making another effort to update the peaks.
Such a scenario is confirmed by a deep pullback after a new high at $235. If the decline occurs, the drop may lead SOL to the resistance at $214 soon.
SOL is trading at $ 225.66 at time of publication.
