Solana's current market behavior suggests that the asset is in a consolidation phase. However, there is potential for a future price surge.
The 200-day EMA and Fibonacci levels suggested key support and resistance points.has been experiencing significant fluctuations in its market value. From a high of $172 last week, the digital asset has seen a correction, stabilizing around $151 at the time of writing.
This range, according to Sherpa, indicated a period of market balance following a rapid price increase. Such phases are not uncommon and are often indicative of a market preparing for its next significant move. The EMA is crucial for identifying the overall market trend and potential support levels. Approaching this average suggests a near-term support level that might encourage buying activities among traders.Further technical analysis from Sherpa using Fibonacci retracement highlighted critical support and resistance levels.
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