The Solana (SOL) price failed to sustain its breakout and was rejected by the $37.60 resistance area on Nov. 5. The direction of the future trend remains unclear until a decisive movement occurs.
SOL has been decreasing below a long-term descending resistance line since Aug. 13. At the time, it had just reached a maximum price of $48.38. The downward movement looks like a completed A-B-C correction, in which waves A:C had a 1:0.618 ratio. It led to a minimum price of $26.84 on Oct. 21.
Afterward, the ensuing upward movement caused a breakout from the resistance line. It led to a high of $38.79 on Nov. 5. However, the Solana price was rejected by the $37.61 resistance area, created by the 0.5 Fib retracement resistance level and a horizontal resistance area. It decreased considerably over the next 24 hours.
So, the technical analysis from the daily time frame suggests that the direction of the trend will become clear if SOL…
