Solana (SOL) is rising the most today among the top 10 cryptocurrencies. The altcoin has set a new peak and increased by more than 10%.
On the hourly time frame, Solana (SOL) is facing a short-term correction after a new high at around $230.
From the technical point of view, the ongoing correction may continue until Solana (SOL) touches the EMA 55. The selling trading volume is low, which means that there is high potential to see a bounceback from that zone.
On the 4H chart, the decline might be more profound if bulls cannot hold the altcoin above $220.
In this regard, the price decrease may get SOL back to the closest support at $219. In case sellers break it and fix below, bulls might lose their initiative in terms of further growth.
On the longer time frame, Solana (SOL) might face a short-term decline before making another effort to update the peaks.
Such a scenario is confirmed by a deep pullback after a new high at $235. If the decline occurs, the drop may lead SOL to the resistance at $214 soon.
SOL is trading at $225.66 at press time.