Solana Price Analysis: After SOL Rejected Below $100, This is The Support Level to Watch

SOL fell below the $100 support level over the weekend. This turned it into resistance. The negative sentiment caused the SOL price to drop today to $80.

Key Support levels: $79, $56

Key Resistance Level: $100, $130

SOL refused to break $100 on Sunday and confirmed the resistance level. The price plunged to $80 earlier today. However, it recovered slightly.

If buyers don’t place orders, support will likely be tested once again at $79-80. SOL is currently extremely oversold. A temp correction could take place in the hours or days ahead.

Chart by TradingView

Technical Indicators

Trading Volume: The selling volume over the last four days was very high, which is a bad sign to the bulls but it follows the overall market sentiment and fundamental reasons concerning the Solana network connections.

RSI: The RSI is now in the oversold zone at 20 points per day. This low RSI level has not been seen since December 2020. It is very rare. This low RSI level is rare.

MACD: MACD is bearish for nearly a week. There are no signs this will change. Both the moving averages and histogram are at lower lows.

Chart by TradingView

Bias

Current bias is bearish. SOL is experiencing an extreme sell-off right now, which could trigger a temp correction towards 100.

SOL Price Predictions for the Short-Term

The sellers will eventually exhaust their efforts and price will drop too low in terms of risk/reward. SOL will have a great chance to get back towards $100, or higher, at that point.

The sellers will continue to have the upper hand, and $79 is the critical support that must be maintained in order to reverse the downtrend.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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