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SOL Retests the Support Zone of $184

The SOL coin is now in a retracement phase which has pushed the price of the coin to the $184 support level. The coin is moving around this level, as it aims to have support for the rally. But the price action is still in need of more data if a bullish reversal is to take place; otherwise, what was supposed to be a short-term fall would continue.

The SOL coin daily RSI chart shows an important drop for a minor pullback. The intraday trading volume in the SOL coin sits at $1.47 billion, which shows a loss of 23.63%.

TradingView Chart

The Solana coin experienced a notable rally in its technical chart during which SOL recorded a new ATH of $260 before going through a small correction phase. As of now, the coin has dipped by 28% from the top, and the focus is on sustaining itself above a strong support zone of $185. Looking at the crucial EMA’s, the Solana token is trading above the 100 and 200 EMA, thus keeping this uptrend.
The Relative Strength Index (40) predicts a bearish sentiment within the SOL coin. Furthermore, the RSI line value has dropped quite a lot for this pullback, which implies high quantities of coins being sold.

SOL/USD 4-hour Time Frame Chart

TradingView Chart

SOL is now trading at the $189 level, with an intraday loss of $1.51%. The RSI chart in the above chart shows an obvious bullish divergence, which indicates a growing bullish momentum at this support.

Then again, the price action hasn’t shown sufficient demand pressure for this support level, which means that crypto traders may wait until the price goes for the nearest resistance level, at $217, offering a better confirmation for a bull rally.

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