Solana bounces off technical support
Solana’s recent sell-off from its seven-month high seems to have stopped at technical support with renewed upside possibly being on the cards.
Solana bounces off support
Solana bullish scenario:
Solana's Elliott wave abc correction from its $209.88 seven-month high seems to have ended at $175.81, right at its $175.79-to-$173.48 support zone. It contains the mid-to-25 July and 11 August lows.
While this support area holds, the 28 July and 17 August highs at $195.17-to-$195.92 are in focus. If bettered, the $206.32 July peak and $209.88 current August high, together with the March 2024 high at $210.18 might be targeted.
Solana bearish scenario:
Were Solana to resume its recent descent and fall through its $175.79-to-$173.48 support area on a daily chart closing basis, a medium-term bearish trend reversal may ensue.
In this scenario the June-to-August support line, currently at $169.67, might be revisited as well as the $159.54-to-$155.82 support area. It consists of several daily chart highs and lows since the 19 May and includes the 200-day simple moving average (SMA) and early August low.
Solana daily candlestick chart
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