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.
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.