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Is now the perfect time to buy Solana?

 


There was a lot of talk about Solana (SOL / USD) after the huge rally that started in late October and drove the price from $ 138 to $ 260 in less than a month. Solana then began a correction after a bearish divergence formed. The coin has now corrected itself by over 25%. Solana is now showing signs of reversal after closing 10% higher on Friday. Investors are now looking for opportunities to buy Solana as a new all-time high is expected shortly.

  • Sol began a sharp rally after an October breakout and no corrections were seen to the $ 260 mark. Therefore, the correction could now take longer. In addition, the continuation of a rally is likely to take some time.

  • Sales volumes were high earlier this week. Therefore, investors should be careful: Solana could fall further.

  • Solana has corrected to the Fibonacci level at 0.618 and gave a strong close on support on Friday, suggesting a reversal.

  • The $ 180 mark is a very important zone of demand for Solana. Long entries should be avoided when breaching the zone.

  • The RSI has recovered from support and has now started rising. This points to an early turnaround. 

  • Investors should wait for Solana to close in the green a few more times in the daily timeframe to confirm the reversal. Then long entries would make sense. 

  • If there is a trend reversal, Solana could hit a new all-time high very soon. However, investors need to be careful and only get in when a trend reversal is seen.

  • A stop-loss can be set below the zone at USD 170.

Solana is fundamentally a very strong coin and could turn very bullish in the coming weeks after a reversal. Then investors should also expect a new all-time high. However, investors need to be patient and wait for a clear reversal before going long.

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