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Solana’s descending channel trend eventually witnessed an upside break within the past week. Buyers confirmed their presence in the current market structure following a close beyond the 20 Exponential Moving Average and the 50 Exponential Moving Average.

The latest reversals from the 61.8% FIB zone might witness a bounce back from the short-term Exponential Moving Averages. A decline beneath the 50EMA might decline the potential revival projections. While publishing this post, Solana changed hands at $41,9175 after encountering retracements within the past 24 hours.

Solana Daily Timeframe

Solana’s long-term downward channel dragged SOL lower towards the baseline at $28 until mid-June. Meanwhile, southbound trends have halted short-term buying rallies. The 61.8% FIB retracement has restricted the token’s rallies within the past two months. Though bulls regained their strength following the latest breakout, the golden FIB level has prohibited buying efforts.

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For now, the price action consolidates around the 50 Exponential Moving Average. A rebound from this mark would print a bullish hammer on the daily chart. Such a development would see potential targets within the $46-$47 territory. Buyers’ failure to inflict massive rallies might only support sellers in stretching the sluggish phase.


The past few days saw the Relative Strength Index securing a solid position above the midline resistance. A decisive closing beyond the 60-level would confirm the buying dedication in the upcoming days. Also, the Chaikin Money Flow blended with the upside narrative following a takeoff from support at 0.06. These indications can bolster buyers to keep the 50 Exponential Moving Average support. Surprisingly, the Moving Average Convergence eventually secured a spot beyond the zero level. Sustaining beyond this area would show a gradual momentum shift in buyers’ favor.

Final Thought

Considering the bullish break past the pattern plus the northbound 20 Exponential Moving Average, Solana might witness a bounce-back rally while staring at hurdles near the $46.5 mark. Take profit level, and triggers would stay as highlighted above. Nevertheless, investors should watch Bitcoin and broad market sentiments as they can alter SOL’s trends.

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Nathan Ferguson

By Nathan Ferguson

Nathan Ferguson is a talented crypto analyst and writer at Herald Sheets, dedicated to delivering comprehensive news and insights on the ever-evolving digital currency landscape. With a strong background in finance and technology, Nathan's expertise shines through in his well-researched articles and thought-provoking analysis. He holds a degree in Economics from the University of Chicago, and his passion for cryptocurrency drives him to stay up-to-date with the latest industry trends and developments.