06.04.202221:38 Forex Analysis & Reviews: Solana pulls back as expected.

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In our last analysis on Solana, we warned traders that a pull back towards $116-$118 was justified. There were signs that price was at short-term overbought levels. Our upside target had been reached and price was trading at a key Fibonacci resistance.

Black lines - Fibonacci retracements

Solana is pulling back and trading around $116. We expected this pull back. Price is now testing short-term support. The 23.6% Fibonacci level was once resistance but now is support. Also at this level we find the horizontal support by the short-term top made on February 7th. Failure to hold above $115-$116 will lead price lower towards $101-$98.

Alexandros Yfantis
Analytical expert of InstaForex
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