Chart by TradingView
Key Support levels: $118, $100
Key Resistance level: $136
The price action took a sharp turn once it touched the resistance at $136, and since then, SOL was unable to reclaim this level. With this in mind, the next major support to consider is found at $118, and Solana is rapidly approaching it at the time of this writing.
Trading Volume: SOL had excellent buying volume during its rally, but it has since decreased, which allowed the bears to take control over the price action.
RSI: The RSI reached almost 80 points at the height of the rally, but now, it is quickly falling away from the overbought area (>70 points).
MACD: The daily MACD is bullish, but the histogram shows lower highs. This indicates a loss of momentum, and this pullback may take price back to support.
The current bias is neutral. It’s important to monitor how the price performs at the next support to assess future possibilities.
The bulls appear to be exhausted, and they were unable to push prices above $136. For this reason, it’s reasonable to expect the first support level to be revisited in a relatively short period.
