Although Solana (SOL) is facing increased selling pressure in line with broader cryptocurrency market sentiment, technical indicators suggest the asset may be preparing for a notable rally.
Specifically, prominent online analyst TradingShot has observed that Solana has been trading within a rising channel since June, which forms part of a broader Fibonacci channel that began in early April.
In a TradingView post on September 22, the analyst noted that after gaining more than 63% in its last bullish leg, SOL is now undergoing a pullback, mirroring a previous move where prices retraced to the 50-day moving average (MA) and the 0.5 Fibonacci retracement level before resuming their upward trajectory.
SOL price analysis chart. Source: TradingView
The analysis points to a similar setup now forming, with the price likely to test support around the 50-day MA before rebounding. If this pattern repeats, Solana could rally roughly 63% in the medium term, potentially pushing the token
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