Solana RSI Drops Below FTX Crash Levels as SOL Faces Critical Support Test
- Momentum Weakening: Solana's RSI oversold signal has dropped below levels seen during the 2022 FTX crash, with the current price at $60, representing an 80% decline from its all-time high, indicating extreme bearish sentiment that could lead to further selling pressure.
- Historical Monthly Performance: Solana has recorded eight consecutive red monthly candles, marking a historic low, which suggests persistent distribution behavior in the market and may lead to deeper price corrections, impacting investor confidence.
- Key Support Level Analysis: URPD data reveals strong supply concentration between $76 and $83, with key support levels identified at $53, $35, and $24, indicating significantly reduced liquidity below current price levels, which could exacerbate market volatility.
- Trader Behavior Changes: Derivatives traders have reduced exposure amid sustained liquidation pressure, and the weakening market structure prompts traders to closely monitor liquidity pockets to identify potential reversal or continuation signals.
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Technical Analysis for TST
Technical Sentiment Analysis for Test (TST). As of , Test (TST) is exhibiting a Strong sell technical sentiment. Our proprietary analysis, which aggregates 10 technical signals, shows that 2 indicators are flashing buy, while 8 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for TST 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, TST 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 $-.
Test (TST) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00599 | 0.00921 | 0.0123 | 0.0155 | 0.0185 | 0.0217 | 0.0248 |
| Fibonacci | 0.00921 | 0.0116 | 0.0131 | 0.0155 | 0.0179 | 0.0193 | 0.0217 |
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