The Solana (SOL) price continues to undergo a corrective phase, prompting speculation about further declines or a potential upward reversal.

Initially, Solana exhibited a rebound from the golden ratio support situated around $125. However, contrary to expectations of mitigating the corrective trajectory, the price appears to be descending further.

Tracking Solana: A Short History of SOL Price Developments

After reaching a local high near $209, Solana experienced a sharp correction to approximately $162.5, signaling the onset of a corrective phase. Subsequently, the formation of a lower high confirmed the continuation of the corrective movement.

Following a bounce from the golden ratio support around $125, Solana briefly surged to the 50-day EMA at around $155, only to face resistance and undergo another corrective period. Presently, Solana finds notable Fibonacci support around $143.

A potential rebound from this support level could propel Solana towards retesting the 50-day EMA at $155, with further upside potential towards the golden ratio near $175. However, the resumption of the upward trend would require a decisive breakthrough above the golden ratio resistance.

Read More: 11 Best Solana Meme Coins to Watch in 2024

Conversely, a bearish breach of the .382 Fib support at approximately $143 could see Solana retracing towards the golden ratio support at $125. Further downside momentum might target the 200-day EMA around $111.

In the daily chart, the MACD histogram reflects a recent bearish trend, while the MACD lines hover close together, indicating the possibility of both bullish and bearish crossovers. Meanwhile, the RSI remains neutral, and the presence of a golden crossover on the EMAs suggests a persisting bullish outlook in the short to medium term.

Death Cross Forms on Solana’s 4H Chart

In the 4-hour chart for Solana, the formation of a death cross on the EMAs indicates a confirmed bearish trend in the short term. Additionally, the bearish crossover of the MACD lines, coupled with the neutral stance of the RSI, further supports this sentiment.

Despite these indications, the MACD histogram shows a bullish uptick, suggesting some potential for upward movement in the near term. Solana might find support once more around the .382 Fib level at approximately $143, with a possible target of the 50-4H EMA around $149.5.

However, recent bearish rejection at this level highlights the challenges Solana faces in its current price action.

Why Solana Crashed 45%: Factors Behind the Steep Decline

In the past six weeks, Solana’s price has undergone a correction exceeding 45%. Should this corrective phase persist, significant support is anticipated for SOL between approximately $79 and $89.5. This range aligns with the intersection of the 50-week EMA and the critical golden ratio support.

Sustaining Solana’s price above the golden ratio threshold at around $85 is pivotal to uphold the bullish trajectory. Nevertheless, insights from the weekly chart paint a bearish picture. The MACD lines are presently undergoing a bearish crossover, while the MACD histogram indicates a downward trajectory.

Concurrently, the RSI remains neutral, devoid of clear bullish or bearish signals.

Bearish Signs: MACD Histogram Ticks Lower on Monthly Chart

The current month has witnessed a price decline of approximately 43.3%. This downturn is reflected in the MACD histogram, which is now indicating a bearish trend.

Nevertheless, in the monthly chart, the MACD lines persist in a bullish crossover, suggesting ongoing bullish sentiment. Furthermore, the RSI has reverted to neutral territory, signaling a potential stabilization in market sentiment.

Solana vs. Bitcoin: Anticipating a Bullish Rebound from Fib Support

Against Bitcoin, Solana currently finds itself supported within the range of 0.0021 BTC to 0.0023 BTC. This presents a potential opportunity for a bullish rebound.

However, it’s worth noting that in the weekly chart, the MACD lines have crossed bearishly, and the MACD histogram is displaying a downward trend, indicating a bearish sentiment. At the same time, the RSI remains in neutral territory, lacking clear bullish or bearish signals.

Read More: Solana (SOL) Price Prediction 2024/2025/2030

In the event of a bearish breakout, Solana may encounter significant Fib support around 0.00145 BTC. Prior to that, additional support can be expected near the 50-week EMA at approximately 0.001766 BTC.

Ethereum [ETH] co-founder Vitalik Buterin has taken one other dig at Bitcoin [BTC]. In a current interview with Noah Smith, the Russian-Canadian crypto creator made an announcement. This was not the primary time that Vitalik claimed superiority over the primary cryptocurrency in market worth. 

In 2021, he informed CNN that Bitcoin may get left behind. At one other time, he was at loggerheads with ex-Twitter CEO and Bitcoin maximalist Jack Dorsey over the identical situation. Now, Vitalik has reiterated his level. This time, he centered on BTC’s power consumption and safety.

Charges don’t imply safety

Based on Vitalik, the BTC’s dependence on income and charges wouldn’t be capable to present sufficient safety for its customers in the long run.

He famous that BTC had not grown a lot lately in transaction charges generated. His declare could, nevertheless, have some fact in it based mostly on present knowledge. 

Blockchain knowledge platform YCharts revealed that the BTC each day complete transaction charges since March 2022 considerably declined.

On the time of this writing, the entire BTC transaction charges final recorded was $293,638. This quantity was for 1 September.

Whereas making his foundation for the ETH success, Vitalik mentioned that the decentralized purposes part of Ethereum has made it far forward of Bitcoin. He added that the Proof-of-Work (PoW) consensus provided much less safety than Proof-of-Stake (PoS), which Ethereum was shifting to. 

Vitalik additionally talked about the rise in ETH mining income. Based on Glassnode, ETH miners have had extra success tales than their BTC counterparts. Based mostly on on-chain knowledge, BTC miners’ income was 1.67% at press time. For ETH, it was a whopping 14.59%.

Don’t fret

In different elements of the interview, Vitalik inspired the crypto group to not be bothered by the volatility presently skilled.

He famous that he was stunned by the size of the final bull run, and the present bear state will go. Regardless of the declare, the ETH/USDT pair nonetheless confirmed volatility.

Nevertheless, it gave the impression to be in a “not too excessive’ state as per indications from the Bollinger Bands (BB).

Furthermore, as per CoinMarketCap, ETH was up 3.22%, with its worth at $1,593.57 at press time. With the Merge drawing nearer each day, ETH HODLers can solely hope it brings good tidings and justifies Vitalik’s claims. 

Bulls might have began fixing their positions as some cash are once more within the pink zone.

High cash by CoinMarketCap

BTC/USD

Buying and selling volumes have been under common yesterday and patrons have been unable to proceed the restoration of the BTC value. Within the afternoon, sellers had a slight benefit in the marketplace, due to which they managed to push the BTC/USD pair again to the typical value space. As of this morning, the Bitcoin (BTC) value examined the two-hour EMA55, which halted the pullback.

BTC/USD chart by TradingView

On the day by day time-frame, the Stoch RSI indicator strains are within the overbought zone. Maybe after the psychological stage of $50,000 is reestablished, the worth can begin to decline, and by the tip of the week, the Stoch RSI indicator will return to the impartial zone.

The primary robust assist stage for such a decline stands out as the $42,447 stage.

Bitcoin is buying and selling at $48,521 at press time.

ETH/USD

Yesterday, patrons failed to beat the POC indicator line ($4,070). The dominance of sellers in the marketplace led to a rollback of the Ethereum (ETH) value under the psychological mark of $4,000.

ETH/USD chart by TradingView

Within the afternoon, the decline stopped on the two-hour EMA55. The bears pierced this transferring common tonight. For the time being, there may be not sufficient confidence that this weak assist can deal with the onslaught of sellers at this time.

If the extent of common costs continues to be capable of maintain the pair from additional decline, then one can depend on a restoration to the world of $4,200.

Ethereum is buying and selling at $3,933 at press time.

ADA/USD

Regardless of slight development since yesterday, Cardano (ADA) stays buying and selling within the inexperienced zone, going up by 1%.

ADA/USD chart by TradingView

From the technical perspective, Cardano (ADA) might have amassed sufficient energy for an increase. Such a press release can also be confirmed by an rising buying and selling quantity, which implies that bulls are able to proceed the expansion. On this case, there’s a good probability that the speed of ADA can get to the important mark at $1.50 by the tip of the month.

ADA is buying and selling at $1.363 at press time.

AVAX/USD

Avalanche (AVAX) is the largest loser from the listing at this time, falling by 3.78% over the previous 24 hours.

AVAX/USD chart by TradingView

Regardless of the autumn, AVAX is situated within the extensive channel between the assist at $101 and the resistance at $147. The buying and selling quantity is low, which implies that merchants haven’t amassed sufficient vitality for a pointy transfer. Nevertheless, if the worth approaches the resistance and makes a breakout, the altcoin might set a brand new peak up round $160.

AVAX is buying and selling at $121.73 at press time.