Solana Price Corrects Lower After Rallying Above Resistance Level

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This summary text is fully AI-generated and may therefore contain errors or be incomplete.

Solana, a cryptocurrency, experienced a significant rally above the $60 level against the US Dollar. This surge in price was driven by bullish momentum and outperformed Bitcoin and Ethereum. The price even reached a high of around $68.16 before undergoing a downside correction. Currently, Solana is trading below $60 and the 100 simple moving average (4 hours). There was a break below a short-term rising channel with support near $58.00. Immediate resistance is near the $59.50 level, followed by the $60.00 level. The main resistance is around $62.00, and a successful close above this level could lead to further gains. On the downside, initial support is near $55.00, with the first major support at $51.20. If the price closes below the $50 support, it could decline towards the $45 support in the near term. The MACD indicator is showing a loss of pace in the bullish zone, while the RSI is below the 50 level. Overall, Solana’s price movement suggests the possibility of further losses if it fails to recover above the $60.00 resistance level.

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