So long SOL? Solana's rally in 2023 could be losing steam.
surrounding meme cryptocurrency Bonk . However, the SOL/USD pair now shows signs of exhaustion, raising anticipations that the token may see a short-term correction in the coming days.On Jan. 9, SOL's price jumped to as high as $19.50, or around 120% gains in a recovery rally after sliding below $8 on Dec. 29, 2022. reading above 70, as shown below.
Meanwhile, an extended selloff could land the price near its 20-day EMA near $13.35, or a 20% correction.On a longer-timeframe chart, however, SOL eyes a decisive breakout move above its prevailing resistance level of around $17.50.The $17.50 level was instrumental in capping SOL's downside attempts in the April-July 2021 session.
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