Solana (SOL) has been in a prolonged downtrend, facing increased selling pressure after its strong rally toward $250. Currently trading at $139.21, down 2.05% for the day, the question remains whether Solana can recover or is further decline inevitable?
RSI Indicator Analysis
The Relative Strength Index (RSI) for SOL currently sits at 33.03, approaching the oversold region (below 30). This suggests intense selling pressure and a potential bounce could be on the horizon. However, the RSI is still below the neutral 50 level, indicating weak bullish strength.
The Role of MACD in the Current Trend
The Moving Average Convergence Divergence (MACD) indicator is in the negative zone, with the MACD line still below the signal line. This indicates continued bearish momentum, and SOL needs a clear MACD crossover for a signal of trend reversal.
Key Support and Resistance Levels
Solana is currently hovering above a critical support zone at $138-$130. If this support holds, SOL price might see a bounce toward $150, where resistance is likely strong. A break below $130 could lead to a sharper drop, potentially testing $120 or even $110.
Solana is at a critical inflection point: RSI and MACD indicate potential selling exhaustion, but clear recovery signals are missing. Support at $138-$130 remains pivotal. If Solana holds this level, a bounce to $150-$160 is likely. Otherwise, a further sell-off is possible.
