$SOL failed to test $200 in the last week of July and entered a deeper correction phase. The break of the support level we tracked at $183 last week pushed the cryptocurrency down to the next support zone of $160-$165. This week, Solana is trying to recover above $165, but no confirmation has been obtained yet. If SOL can break the short-term downtrend, it may make a new move towards $183. Accordingly, this week, a daily close above $172 initially and then staying above $183 could end the last correction. In the next phase, breaking above $202 could trigger a rise towards $230. The stochastic RSI, which has started to turn upwards on the daily chart for Solana, will produce a clearer signal above $172. On the other hand, if the short-term descending trendline is not surpassed, dips below $165 could lead to a drop towards $142.

SOL-5.24%
NET-11.84%
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SWM3Hvip
· 08-05 12:15
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