đ¨ SOL/USDT Technical Analysis Update đ¨
Solana (SOL) has been facing strong downward pressure, recently dropping below key support at $137, now hovering around $130. The bearish momentum is evident across multiple timeframes:
đ 4H Chart Insights:
Moving Averages: SOL is trading well below key MAs (25, 50, WMA), confirming a strong downtrend.RSI: Deep in oversold territory, indicating potential for a short-term bounce but no guarantees.MACD: Bearish crossover suggests continued downward momentum.Volume: Increased during the dropâmore sellers than buyers.
đ Daily & Weekly Charts:
OBV (On-Balance Volume): Downtrend, indicating declining buying interest.Stochastic RSI: Signals possible minor relief rally, but overall sentiment remains bearish.
đ On-Chain Data & Market Sentiment:
Activity: Decreasing TVL and user engagement on the Solana networkâbearish on-chain indicators.Market: Overall bearish sentiment with increased sell volume, especially on DEXs like Raydium.
đĄ Investment Outlook:
Short-Term: Expect possible minor bounces, but resistance at $137-$140 will be strong. If $128 support breaks, a drop to $120 is likely.Long-Term: Bearish unless we see significant positive catalysts or broader market recovery.
đ Pro Tip: Traders might find opportunities in short-term volatility, but long-term investors should approach with caution. Monitor key levels and be ready for potential shifts in market sentiment.
Stay informed, trade wisely! đ§đ°
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