Finally, the 1-day RSI indicates that bearish pressure on SOL is intensifying as the indicator has recently dropped to 43% after failing to rise above the 50% mark, highlighting increased selling pressure and a growing downside signal for the cryptocurrency. Potential Support Zones To Watch For A Rebound As SOL navigates its current bearish trend, key support zones to watch include $118, which serves as a significant psychological and technical level where a strong defense could indicate a potential reversal or consolidation.
As selling pressure intensifies, the question now is whether Solana can find a new foothold or if the bears will continue to push its price lower. In this analysis, we’ll provide an in-depth analysis of Solana’s recent breakdown below this key support level, examining the growing bearish momentum and exploring the key levels to watch and what could come next for Solana.
Related Reading: Blazing Solana: Analyst Foresees Nearly 700% Price Explosion On the daily chart, Solana is exhibiting substantial pessimistic movement, having slipped below the 100-day Simple Moving Average and forming multiple bearish candlesticks as it moves toward the $118 level.
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