Solana has been on a wild ride since hitting its all-time high of $295.83 in January. The once high-flying altcoin has now fallen to levels not seen since October, triggering panic among traders. But here’s the twist—on-chain signals suggest a recovery could be closer than many think.
RSI Signals an Oversold Market—Time for a Rebound?
📉 Solana’s RSI just dropped below 30 for the first time since June 2023—a strong signal that the asset is oversold. Historically, when RSI enters this zone, a price reversal often follows as traders scoop up discounted tokens.
📌 Why It Matters – When an asset reaches oversold territory, it means selling pressure may be running out. If buyers step in, SOL could stage a strong recovery.
Market Sentiment at a Low—A Buying Opportunity?
🔹 Crypto analyst Miles Deutscher calls this Solana’s “capitulation moment”—a period when panic-driven selling could mark the bottom.
🔹 When weak hands sell off, stronger buyers often step in, driving a price recovery.
Key Price Levels to Watch
📌 Support: $136.62 – Holding this could trigger a rebound.
📈 Resistance: $182.31 – A breakout here could push SOL above $200 to $222.14.
📉 Bearish Scenario: If selling continues, SOL may fall to $120.72.
The next few days are crucial—will buyers take control, or is more downside ahead?
RSI Signals an Oversold Market—Time for a Rebound?
📉 Solana’s RSI just dropped below 30 for the first time since June 2023—a strong signal that the asset is oversold. Historically, when RSI enters this zone, a price reversal often follows as traders scoop up discounted tokens.
📌 Why It Matters – When an asset reaches oversold territory, it means selling pressure may be running out. If buyers step in, SOL could stage a strong recovery.
Market Sentiment at a Low—A Buying Opportunity?
🔹 Crypto analyst Miles Deutscher calls this Solana’s “capitulation moment”—a period when panic-driven selling could mark the bottom.
🔹 When weak hands sell off, stronger buyers often step in, driving a price recovery.
Key Price Levels to Watch
📌 Support: $136.62 – Holding this could trigger a rebound.
📈 Resistance: $182.31 – A breakout here could push SOL above $200 to $222.14.
📉 Bearish Scenario: If selling continues, SOL may fall to $120.72.
The next few days are crucial—will buyers take control, or is more downside ahead?
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.
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.