Short

SOL Could Drop to $60 Before Entering Into a Move Towards $100

is testing a crucial support level at $70. If it falls below this mark, there's a possibility of its value declining to approximately $60. This level aligns with the lower boundary of a medium-term bullish price channel evident in SOL's daily chart. A breach below this channel might expose SOL to a further drop, potentially reaching the next significant support level at $49.65.

However, this negative outlook could be negated if SOL manages to close above $70 in the next two daily sessions. Achieving this could signal a bullish trend, possibly driving SOL's price towards $100.

Technical analysis indicates that SOL's price decline might not be over. The Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) both suggest a potential further decrease in the next 48 hours.

A critical bearish signal is observed with the RSI line falling below its Simple Moving Average (SMA) in the last 48 hours, indicating that selling pressure is overpowering buying interest. Additionally, the MACD line is trending downwards towards the MACD Signal line. The intersection of these lines could imply a continuation of the current downward trend.

StevenWalgenbach

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.