Is a corrective wave coming?

4 de jan. de 2023

SOL has registered 18% growth in the last 24 hours. Its price, which reacted positively in a very strong support range, has grown with the support of buyers up to the previous ceiling in the range of $13.85 to $14.90. The intensity of hitting this resistance is high, and there is a possibility of breaking this area and moving toward the resistance of $18.5-20.5. This resistance overlaps with the midline of the main descending channel and could send the price into a corrective wave. In the 4-hour time frame, we still do not see a definitive upward trend, and Solana's trend is upward only in the lower time frames. If the current resistance is accompanied by an initial reaction, the probability of the price entering a range below the resistance will be high. Among Solana's most important short-term supports, if the price enters a corrective wave, we can consider the range of 11 to 11.40 dollars.