Solana Price Falls into Accumulation Zone
- Downward Price Pressure: Solana (SOL) is currently trading in the $60–$70 range, having retreated from previous highs, indicating strong selling pressure, particularly with a recent bi-weekly drop of 21.85%, reflecting a bearish market sentiment.
- Weak Technical Indicators: The SOL price remains below the 100-day moving average at $81.53, acting as a strong resistance level, while the RSI readings between 18–20 indicate an oversold condition, although this does not necessarily confirm an imminent reversal.
- Ecosystem Development: Despite the price pressure, Solana's development continues, with the upcoming Alpenglow upgrade targeting block finality of around 150 milliseconds, significantly enhancing speed and efficiency, while Morgan Stanley and Galaxy Digital now offer crypto ETP conversions for high-net-worth clients.
- Market Sentiment Dismal: The Fear & Greed Index is near 15, indicating extreme fear in the market, compounded by over $1.6 billion in liquidations, suggesting that volatility remains high and investors should approach the current market environment with caution.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for SOL
Technical Sentiment Analysis for Solana (SOL). As of , Solana (SOL) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 1 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 | 53.864 | 58.952 | 64.824 | 69.912 | 75.784 | 80.872 | 86.744 |
| Fibonacci | 58.952 | 63.139 | 65.725 | 69.912 | 74.099 | 76.685 | 80.872 |
About SOL
About the author
