Solana Faces Bear Market Echoes Amid Selling Pressure

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 1 day ago

Should l Buy SOL?

Technical Indicator Decline: Solana's weekly Relative Strength Index (RSI) has dropped to 35.8, reflecting a weakness reminiscent of the 2022 market downturn, leading to increased investor caution regarding its future performance.
Historical Pattern Reemergence: According to analysis from More Crypto Online, Solana's current RSI pattern mirrors that of the 2022 bear market, prompting market watchers to worry about a potential historical repetition, despite a brief revival of hopes from oversold conditions in February.
Performance Against Bitcoin: The SOL/BTC trading pair has hit a low of 0.0010 BTC, the lowest since October 2023, indicating Solana's diminishing competitive edge against Bitcoin, with each recovery attempt failing to surpass previous highs.
Uncertain Market Outlook: While slight upticks in weekly RSI have boosted investor morale, the lack of strong buying pressure leads analysts to conclude that Solana will likely remain under pressure, necessitating concrete actions to reverse current market dynamics.

Get Real-Time Alerts for Any Crypto Movement

Monitor assets like SOL with instant alerts on price breakouts and whale movements. Don't let a 24/7 market leave you behind.

Technical Analysis for SOL

Technical Sentiment Analysis for Solana (SOL). As of , Solana (SOL) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 4 indicators are flashing buy, while 2 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for SOL stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, SOL is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Solana (SOL) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	71.759	76.579	80.799	85.619	89.839	94.659	98.879
Fibonacci	76.579	80.033	82.166	85.619	89.073	91.206	94.659

About SOL

Solana is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. While the idea and initial work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland.To learn more about this project, check out our deep dive of Solana.The Solana protocol is designed to facilitate decentralized app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.Because of the innovative hybrid consensus model, Solana enjoys interest from small-time traders and institutional traders alike. A significant focus for the Solana Foundation is to make decentralized finance accessible on a larger scale.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

GET FREE REAL TIME NOTIFICATIONS

Stock Monitor for SOL?

Get Started Free

FREE STOCK RECOMMENDATIONS DAILY

Stock Bullish Tomorrow

Get Started Free

70% BACKTESTED ACCURACY!

Should I Buy SOL?

Get Started Free