Solana (SOL) is trading at $83.49 with a modest 0.76% daily gain, accompanied by over $4.48 billion in 24-hour volume. Analysts monitoring the correction suggest the asset could move toward a key Fibonacci retracement support zone between $60 and $65. They warn that a break below the $70 level may increase selling pressure, though such corrections are viewed as potential long-term accumulation opportunities.
Solana is showing slight upward movement, trading at $83.49 after gaining 0.76% over the past 24 hours. The cryptocurrency is witnessing strong trading activity with $4.48 billion in volume, accounting for 2.07% of the total crypto market capitalization.
Market observers suggest Solana is moving through a correction phase following its earlier rally. Analysts have indicated the asset is still in a distribution phase, which often precedes a major directional move.
According to insights provided by Crypto Patel, expectations of a near-term rally toward $1,000 may not be realistic. Analysts have indicated that Solana is likely headed towards the $60-$65 Fibonacci retracement zone.
The key support level at $70 is now considered critical for the price. If Solana falls below this level, increased downward pressure could eventually push it toward $50.
Analysts also indicate the cryptocurrency could dip below $60, a liquidity zone where pending orders may be filled. Technical analysis shows the $60-$65 mark is the 78.6% Fibonacci retracement level of the previous accumulation base.
The general market feeling is that experienced players may wait for lower prices before buying. This correction mechanism could see the asset test support levels before any potential future rally.
The long-term outlook for Solana remains positive among some analysts, with future targets mentioned between $500 and $1,000. The near-term price action will depend on its ability to hold above key support levels.
