Solana (SOL) is now trading at $161, after falling from a recent high of $174.
The price drop has caught the attention of many traders, and some signs are showing that the downtrend might continue.
Death Cross on the 1-Hour Chart
A Death Cross has appeared on the 1-hour chart. This happens when a short-term moving average goes below a long-term moving average. It’s often a sign that the price may go down further.
Even though this is on a short time frame, it still shows weakness in the market.
RSI Is Neutral, But Sellers Are Strong
The RSI (Relative Strength Index) is in the neutral zone. This means the price is not too high or too low — it could still move in either direction.
But right now, sellers (bears) are in control, and the price is dropping steadily. Buyers are not showing much strength.
Key Support: Watching $155
If the downtrend continues, Solana might test the $155 support level soon. This level is important because it has held the price up in the past. If it breaks, the next target could be $150 or even lower.
If buyers return near $155, we might see a small bounce. But unless the price moves back above $170, the overall trend still looks weak.
Conclusion
Solana is showing signs of more downside. The Death Cross and bearish pressure suggest the price might drop to $155. Traders should watch this level closely and be careful with new entries.
Note: This post is for educational purposes only. Always do your own research before trading or investing.
Join my Telegram
channel for daily trading signals - 100% free!
👉 Link: https://t.me/bwtinternational
Comments
Post a Comment