After Reaching $180, Is the Solana (SOL) Price Ready for Correction?

Solana price has been displaying strength in times when the Bitcoin & Ethereum prices have been consolidating within a very narrow range. The recent bullish push has raised the levels above $180, which is within the critical resistance zone between $175 and $195. Now that the markets have become more hopeful of the upcoming trend, bearish clouds have begun to hover over the SOL price rally. 

The SOL price began the day’s trade on a bearish note, with significant selling pressure circulating over its head. In the short term, the price is moving near the resistance and potential reversal zone located at $185. Considering the theory of Elliot waves, the SOL price seems to have succeeded in completing Wave 5 of the main Wave C. If the uptrend line is breached, then the end of Wave C can be confirmed, and as a result, the SOL price is feared to go down to the interim support zone soon. 

The 4-hour chart displays the price ranges within an ascending trend but is primed to undergo a notable pullback. After failing to surge above the resistance of the rising parallel channel due to interference of the bears, the SOL price is primed to face a bearish pullback and reach the rising trend line within the channel. If the bulls fail to hold the rally at the trend line, which falls around $175 to $177, then a breakdown may drag the levels below $160, which is one of the crucial trend reversal zones. 

Besides, the RSI surged above the upper threshold, entered the overbought zone and underwent a bearish rebound. Moreover, it is feared that it may continue ranging downward, which may increase the selling pressure on the crypto. Therefore, the next few hours until the day’s close are extremely crucial for the Solana (SOL) price rally, as a bearish pullback could erase all the gains that occurred in the past few weeks. 

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