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Solana Technical Analysis – November-16-2023

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Solana‘s price correction from last week’s high was expected, especially after forming a long wick candlestick near the $66.9 resistance. Additionally, the RSI divergence hinted at this price drop. This downturn in Solana’s price seemed inevitable. Currently, the pair is trading above its pivot point, keeping the SOLUSD outlook bullish. However, if bears push the price below the minor resistance at $61.3, we might see an expansion of the correction towards the $53.3 region.

Solana Technical Analysis - November-16-2023

Solana Technical Analysis – 4H Chart

Conversely, the main resistance challenging the bullish momentum is R1. For the pair to maintain its upward trajectory, breaking through this resistance level is crucial.

  • 16 November 2023
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