Slowly but surely, the Solana cryptocurrency reached the important $125-132 range. Moving in a clear correction channel, the SOL price showed that sellers are not yet ready to take the global initiative into their own hands. This is noticeable both in the trading volumes, which are lower during the correction than during the growth, and in the rate of movement. If it took buyers two days to raise the Solana cryptocurrency price from $125 to $216, sellers passed this way in 12 days.
Two major critical points for the Solana cryptocurrency
At the moment, there are two main critical points for the SOL market – these are the $125 and $175 mark range.
If you look at what trading volumes the $125 mark has stood on 7 September, it becomes clear that there is an interested buyer who will not miss the SOL price without a fight.
The second important range of $175-185 played an important role during the SOL price rally from September 5th:
As you can see on the chart, it was in this range that the main SOLANA sales took place. Buyers managed to raise the price above this range, but there was no more active growth in the market.
Given the high likelihood of a rebound in the BTC market after the $40,000 test and the low level of BTC dominance, the SOL price has a great chance of pushing the $220 mark. For this, however, we expect to see another $125 strength test. As you can see on the chart, the SOL price is moving in the global growth channel. Testing the strength of the lower trend line can be a powerful trigger for the formation of a new growth wave.
SOLBTC price has not finished correction yet
Analyzing the SOLBTC chart, we can conclude that a new local growth wave may not outgrow the global one:
The correction that started in the SOL market is too weak to lay the foundation for a new rally. Therefore, globally, the SOLANA cryptocurrency has not yet completed its correction in our opinion, and you should be careful with long-term long positions. If you need help managing your cryptocurrency deposit, read this information!
