Is a Major Price Rebound Coming for SOL?
Solana Since reaching its all-time high of $295.83 on January 19, there has been a huge wave of profits. This has pushed its price to several months lows, and now the coin is trading at October.
However, on-chain data and key technical indicators indicate that recovery is likely.
Solana hits the surrender phase – What’s next for Sol?
Evaluate SOL/USD One Day Chart shows the relative strength index of the coin (RSI) It has dropped to below level 30 for the first time since June 2023. This means sol It has become extremely for sale, indicating that sales pressure may be exhausted and price corrections may be underway.
When the RSI of an asset is below 30, it is considered oversold. When traders seek buying opportunities at price lows, this often marks a potential reversal or price rebound. Historically, this overselling condition preceded a sharp rebound.
Therefore, if market participants interpret it as a buy signal and increase the accumulation of coins, the SOL may prepare for the rally.
Another indicator of the potential short-term rebound in Sol prices is its poor market sentiment. exist postal On X, popular crypto analyst Miles Deutscher noted that Altcoin has experienced extreme bearish sentiment, which is more than a year since it first recovered. Price level of $100.
According to Deutscher, “after the best time,” Sol “has finally got its moment of surrender.” Surrender refers to a period in which an investor is exhausted from long-term losses and begins to sell his panic or frustrated holdings, usually marking a Market bottom.
This is because once the “paper hand” is sold, the sales pressure on Sol Market will be reduced, and buyers who are interested in buying coins at low prices have gradually paved the way for rebounds.
Saul hovered near the main support – will the Bull push it to $200?
SOL traded at press time for $141.67, slightly above the $136.62 support level. If Altcoin witnessed a revival of buying pressure, this level of support would strengthen, pushing Sol’s price to $182.31, where the main resistance lies.
Successfully violates this level may Price of coin sent $200 is priced at $222.14.
On the other hand, if the downward trend continues, the price of Sol It may fall to $120.72.
Disclaimer
and Trust Project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Beincrypto is committed to accurate and impartial reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions,,,,, Privacy Policyand Disclaimer Updated.
