The current correction in the price of Solana has discovered strong support at the $51.4 level. In the last two weeks, the price has experienced two rebounds from this level, indicating a consistent accumulation by buyers during market downturns—a behaviour typically linked with robust market recovery. For nearly three weeks, Solana’s price has been engaged in sideways trading, oscillating between the horizontal boundaries of $51.4 and $67. This period of lateral movement, following a notable recovery, is often viewed as an opportunity for buyers to regain their depleted bullish momentum.
At the time of writing, SOL was trading at $60.27.
SOL, on a weekly time frame, made a ‘Morning Doji Star’ at $12 and rallied up to $32. Post this move, the asset was trading in a range from $17 to $27 with low volumes. SOL finally gave a breakout on the upside of the range and witnessed a massive rally. The asset started moving up by forming a ‘Higher High Higher Low’ pattern and surged up to $68.2. Currently, Solana is consolidating between $52 and $62 with declining volumes. If it closes and sustains above $63 then we may expect it to further rally up to $75, whereas $50 to $48 will act as a strong support for the asset.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $38 | $48 | SOL | $63 | $75 |
