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Solana (SOL) has lately seen a significant correction as it tested the $175 support and is now consolidating. This comes after the token saw a remarkable increase in value, with bulls eager to push through key hurdles.
The recent price action on Solana’s chart shows a strong correlation with Bitcoin and Ethereum, with all three assets experiencing a downside correction. As of late, the bears have pushed SOL below the $200 support zone and the 50-day simple moving average (blue).
Despite this setback, bulls were active near the $175 support zone, causing the price to consolidate above this level. The recent chart pattern suggests that Solana’s price may dip towards the $205 or even $195 in the coming days.
To initiate a fresh surge, SOL must settle above the critical $230 pivot level.
Source: coinchapter.com
