- Solana (SOL) has seen a large sale amid a wider market decrease in the market, as its price decreased to less than $ 140 and targeting PitsTOP near $ 122.
- The S&P 500 has decreased nearly 3 % recently, adding to the volatile feelings through the encryption markets.
- Modern technical indicators show that Sol has very pressure in the sale, as RSI and MACD have not been shown at unprecedented levels since mid -2013 and 2022, respectively.
The encryption markets are drawn in red today, with a decrease in the S&P 500, nearly 3 % in the past few days. Solana, who was already struggling in the sunken market, witnessed an increase in the sale of pressure, which caused its price drop to less than 140 dollars.
Currently, Sol is under pressure, and many analysts believe that the next Pitstop may be about $ 122. This has increased questions among investors about whether this is the time to buy Solana and if the distinctive symbol has a bullish future.
Increase the sale of Solana and uncertainty in the market
Solana was caught in a storm of Haboodi feelings amid a wider market correction. The sale has been exacerbated by the recent events, including the escalation of rug withdrawal cases involved in the Solana series.
This has reduced trading confidence, and the situation exacerbated when Binance filtered huge quantities of Sol through the winter market maker. Some speculate that Binance may deliberately throw a distinctive symbol for purchase at lower prices, while others believe that the stock exchange simply interacts with the basic market updates that have turned into negative morale.
Modern technical analysis shows that Sol faces severe sale pressure. The relative strength index of the symbol has decreased to levels that have not been noticed since June 2023, and MACD has decreased since 2022, indicating that the declining momentum has been intensifying.
Moreover, the size of the balance (OBV) has decreased steadily since the beginning of the month, indicating that the total market morale has turned into a decline. With these indicators, Sol is currently trading within a pivotal support range between $ 136.5 and $ 133.6 – a level that provides a strong base throughout 2024.
However, the prevailing trend indicates that Sol may soon fail to defend these support levels, which may lead to an additional decrease towards the $ 100 sign.
Due to the constant pressure and the important references that are already seen, Solana’s expectations seem difficult. The current commercial preparation indicates that unless it is possible to revive the purchase pressure, the Sol price may continue to descend.
Constant closure can be below decisive support, which is about $ 119, can indicate a move to the bear market, with the possibility of more declines to $ 100.
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