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Solana (SOL)... the big steps before aiming for $200

Solana (SOL) is experiencing a short-term correction, causing the altcoin to lose its opportunity to reach $200.

Opportunities on the rise GROUND Again, this is very high, as mixed market signals indicate a different outcome.

Solana Lateral Movement Set

The price of Solana has fallen At $166 at the time of writing, falling below the crucial $169 support. This caused a bearish trend for the altcoin, as evidenced by the Moving Average Convergence Divergence (MACD).

MACD is a momentum indicator that measures the difference between the 12-day and 26-day exponential moving averages (EMA). It generates buy and sell signals via the MACD line and the intersection of the 9-day EMA signal line.

Solana is experiencing its first bearish cross in almost four weeks, which is not a good sign for the price.

Solana Macd.
Solana Macd. Source: Commercial view

Additionally, the altcoin shares a very strong correlation of 0.93 with Bitcoin. This is both a blessing and a curse for SOL. Indeed, if the world's largest crypto asset depicts a rally, Solana price will benefit by following its signals.

On the other hand, if it decreases BTC, SOL may not be immune to decline either. For now, the latter outcome appears to be the most likely. Indeed, Bitcoin price recently lost the critical support level of $68,500 and could see a further decline.

Learn more: What is the currency of Solana? How can I buy it?

Solana's connection to Bitcoin.
Solana's connection to Bitcoin. Source: Commercial view

On the other hand, Solana could also see a decline.

SOL Price Prediction: One of Two

Solana price is either looking to consolidate or decline. The above factors point towards the latter result. The result would be SOL falling to a low of $156, which could send the “Ethereum killer” to $137.

Learn more: Solana (SOL) Price Forecast for 2024, 2025, 2026, 2027

Solana Price Analysis.
Solana Price Analysis. Source: Commercial view

However, if broader market signals turn positive and Bitcoin price recovers, Solana price could also benefit. This would counter the downtrend SOL is currently experiencing, leading to a potential consolidation between $169 and $156.

Optimism could eventually lead to a breakout above $169, allowing a rally to $200, thus invalidating the bearish thesis.

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الأسواق,SOL,العملات الرقمية,العملات المشفرة