Is now the perfect time to buy Solana?

& Uuml;there was a lot of talk about Solana (SOL/USD) after the huge rally that started at the end of October and drove the price from $ 138 to $ 260 in less than a month. Solana then began a correction after a frequent divergence had formed. Meanwhile, the coin has corrected itself by over 25%. Solana is now showing signs of a reversal after closing down 10% on Friday. Investors are now looking for opportunities to buy Solana, as a new all-time high is expected in Kürze.

A closer look at this year’s charts:

  • After a breakout in October, Sol started a sharp rally and no corrections were seen up to the $260 mark. Therefore, the correction could now last longer. In addition, the continuation of a rally could take some time.

  • High sales volumes were recorded at the beginning of this week. Therefore, investors should be careful: Solana could fall further.

  • Solana has corrected to the Fibonacci level of 0.618 and gave a strong closing price at the bottom on Friday, indicating a reversal.

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

  • The RSI has recovered from the bottom and has now started to rise. This indicates an imminent reversal. 

  • Investors should wait until Solana closes a few more times in the same time frame in the large area to confirm the reversal. Then wären long entries make sense. 

  • If a trend reversal is seen, Solana could reach a new all-time high very soon. However, investors should be careful and only enter when a trend reversal is seen.

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

Conclusion

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

Is now the perfect time to buy Solana? appeared first on Coin Hero.

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