Investing.com – had managed to rebound more than 115 percent from the low of $8.08 to the high of $17.45. For two days, however, the rally has stopped.
This could be explained by the fact that the new meme-coin Bonk, to which part of the rally is attributed, has fallen almost 70 percent from its all-time high. The temporary end of the hype around the “Killer” inevitably leads to a decline in interest in the SOL.
On a weekly basis, the , with a gain of 17.28 percent, is still among the biggest gainers among the top 20 cryptocurrencies.
Cryptanalysis platform Messari has found that the number of active Solana wallets and trading volume have increased recently. While transaction fees remain low, recent blockchain updates appear to have resulted in technical improvement. The last time the network faced technical problems traced back at three months.
Solana: technical price benchmarks
Solana is currently down -2.83% with a SOL/USD price of $15.67, while the weekly gain stands at 18.24%.
The cryptocurrency is in a downward correction from the high of the $17.45 area. The 23.6 percent fibo retracement offers immediate support at $15.23. If this threshold is crossed on the day’s close, losses should be expected towards the 38.2% Fibo retracement at $13.87.
However, as long as trading is taking place above the 23.6 percent Fibo retracement, a retest of the recent high can occur at any time. On the 4-hour chart, the RSI has broken out of the overbought zone, raising the possibility of further bullish movement.
By Marco Oehrl