The recent correction phase in Solana price found suitable support at $22.7. This horizontal level combined with the 50% Fibonacci replacement level creates a strong demand zone for market participants.
On July 26th, the coin price tried to bounce back from the aforementioned support with the morning star candle, but the buyers’ momentum was not strong enough to push the price significantly higher.
Key Support and Resistance Levels
Below are the key support and resistance levels for Solana:
- Support: $22.7
- Resistance: [insert resistance level]
Technical Indicators
The following technical indicators should be considered for assessing Solana’s price movement:
- Fibonacci Levels: The 50% Fibonacci replacement level at $22.7 has proven to be a strong support level.
- Moving Averages: [insert moving averages used]
- Relative Strength Index (RSI): [insert RSI analysis]
- MACD: [insert MACD analysis]
Price Forecast
Based on the current technical analysis, the price forecast for Solana is as follows:
- If the strong support at $22.7 holds, we may see a potential bounce-back towards the resistance level at [insert resistance level].
- However, if the support is breached, the next key support level to watch is [insert support level].
