Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionNegative sentiment and a decline in development activity could favor a price correction
You might be happy with the recent gains if you bought SOL’s dip. However, a possible price correction to this level could be in the offing too.If buyers lose momentum, a price correction could drop the altcoin below the 38.2% Fib level and settle at $13.67. A retest of this pullback zone could provide buying opportunities and entry positions for a long trade.The FTX implosion set SOL on a free fall, but the bulls have found resting places at three key supports since early November.
The latest price rally began on Wednesday, 22 November, but it may not break through the resistance and bearish order block at the 50% Fib retracement . The Relative Strength Index was pointing south from the overbought entry line. This could indicate a slight decline in buying pressure. The pullback level for this possible price correction could be $13.67. However, since this level has already been tested four times, it could also be breached, pushing SOL back to the 23.6% Fib level .