Has Solana started a bear reversal, or is it just a correction?

• Solana has been dropping for the last 3 months.

• Tokens have not yet fallen below the recent breakout zone of key support.

• Solana could head for $60 next once it overcomes its latest weakness.

Solana SOL/USD is down 1.90% over the last 24 hours. The token has remained green for the past week. Our previous forecast set a target at $60, but the key breakout was at $43. Solana appears to have lost its previous aggressive bull market after falling three days in a row. This thesis further raises questions about whether the recent decline will be long-lasting or short-lived.

Solana’s bearish move has pushed the price up to $43.44 at the time of writing. Solana support is $43. It suggests the token is retesting support and a bearish reversal has yet to be confirmed.

Further scrutiny of Solana reveals a clear upward trend for the token. Cryptocurrencies have successfully weathered their recent hack-inspired decline. It maintains a system of higher highs and higher lows. Momentum is not the strongest yet.

Solana Continues to Support at $43 Amid Bearishness

Source TradingView

Technically, the indicator is bullish on SOL. From the daily chart outlook, the MACD line has closed above the moving averages, confirming the bullish momentum. 21-day and 50-day moving averages also support tokens.

The current indication is that SOL is undergoing a fix. No bearish reversal has been confirmed. Investors should be on the lookout for price action at $43 as a bullish reversal is possible. In a unlikely scenario of not being able to hold $43, SOL could find the next support at $35.

Overview

Solana Token Holds $43 Support Despite Recent Weakness. The token’s bull case remains intact. The current retracement is a correction that is likely to open a buying opportunity.