Solana (SOL) technical analysis:
Trade setup: Price broke below $20 support and 200-day moving average, which signaled resumption of downtrend. It dipped as low as $12 but bounced back to another support level of $15. However, it is very oversold (RSI < 25) and could bounce up near term. It’s a higher risk swing trade setup since overall trend is down.
Trend: Downtrend on Short- and Medium-Term basis and Neutral on Long-Term basis.
Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance: Nearest Support Zone is $15, then $11. The nearest Resistance Zone is $20 (previous support), then $25 – $30.
Trade setup: Price broke below $20 support and 200-day moving average, which signaled resumption of downtrend. It dipped as low as $12 but bounced back to another support level of $15. However, it is very oversold (RSI < 25) and could bounce up near term. It’s a higher risk swing trade setup since overall trend is down.
Trend: Downtrend on Short- and Medium-Term basis and Neutral on Long-Term basis.
Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance: Nearest Support Zone is $15, then $11. The nearest Resistance Zone is $20 (previous support), then $25 – $30.