Sunday night’s crypto market-wide correction has once again sent the Solana price down to a level that is crucial for price action in the coming weeks. SOL has been forming an ascending trend line on the 1-day chart since late December last year, which could lead the price back into bullish territory, as NewsBTC reported.
Already in the last few days, the Solana price had tested the trend line (black) before a decent bounce to the upside took place. However, yesterday’s price action pushed SOL back to the trendline. However, as the 4-hour chart shows, SOL has shown strength and remained above the trendline.
The retracement has also caused Solana’s Relative Strength Index (RSI) to reset on the 4-hour chart. With the RSI near the overbought zone at 68, there has now been a healthy pullback to 41. Thus, the 4-hour chart continues to look bullish.
A look at the 1-hour chart continues to show a similarly strong picture. For SOL’s bulls, today is all about closing above the $22 level

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