Solana Price Prediction As SOL Forms Bearish Divergences
After a fabulous rally in the last few weeks, Solana price is taking a breather. Today’s correction can be attributed to another rejection in the Bitcoin price from the $38,000 level. The leading cryptocurrency is struggling to break above $38k resistance after a remarkable run.
On Wednesday, SOL price soared to its new 52-week high of around $68.35. However, the price action reversed as the BTC price had a pullback after refreshing its yearly peak. At the time of writing, the smart contract cryptocurrency was down 5.63% from its daily highs.
As per the latest Solana news, Cathie Wood of Ark Invest has lauded the speed and transaction costs on the Solana blockchain. The notable investor also revealed her preference for SOL over BTC and ETH as an investment.
Technical analysis of the daily Solana price chart shows that the pair has broken above a major supply zone without too much hindrance. However, the breakout is yet to be confirmed and an acceptance below $59 could be very bearish.