Solana (SOL) dropped to $179 during its price decline then regained its strength to around $220 before making slight adjustments. Solana holds a market value of $206 today after achieving a 5% daily growth.
Even though the recovery happened SOL remains down 14% across weekly charts because its market value remains unstable.
Market experts anticipate a lasting price growth cycle for Solana based on its recent performance. Well-known crypto analyst ManofBitcoin states a possible market uptick by referencing Fibonacci wave 3 as evidence in his study.
Fibonacci Wave 3: A Strong Indicator for Solana’s Price Growth
A wave 3 Fibonacci pattern tends to create the strongest and longest price rally by extending from 1.618x to 2.618x the range of wave 1. The token market recovery could push Solana toward hitting $225. However, caution remains. When buying demand reduces Solana might reverse course failing to reach its target of $225.
The present market signal points to future growth for Solana but a few uncertainties remain. Market research shows the altcoin is increasing in value which suggests better prices will emerge in the next few days.
Further Solana price growth remains likely because trading exchanges like Binance and Kraken experience positive Basis or futures market relationships. The futures market shows traders expect prices to rise more for Solana because they pay a higher amount above spot prices.
SOL’s Path to Recovery: Key Resistance and Support Levels
The large number of investors who bought Solana positions creates an optimistic market environment. Based on Coinalyze data more traders currently hold buying (long) positions of 76.42% on daily timeframes. Most traders who invest in Solana opt to bet on its upcoming price rise which matches with total market optimism.
The market actions of investors show they believe in the positive outlook for Solana. The recent data shows more investors are moving SOL from exchanges to their private wallets because they take it out of the market. Majority of traders now hold SOL tokens because they expect better market conditions will let them buy and sell again.
The Solana price decrease matches general crypto market declines yet a marketplace rebound might help restore its value. Solana could regain its position at $219 followed by an attempt to rise toward $223 if buying continues.
Solana needs to stay above $200 dollars to have a chance at continuing its optimistic growth trend. The market may challenge prices downward when Solana trades below this threshold. The market will show what direction Solana heads towards next after recovering from its recent dip.