SOL Dropped 12% Weekly, But When Will It Recover? Three Signs to Watch Out for (solana Price Analysis)
Solana has found good support and may attempt a comeback from now on.
Key Support levels: $78
Key Resistance levels: $104
1. Sellers Stand Strong
SOL’s price briefly dropped below $80 and quickly recovered from the main support. Now buyers seem determined to continue the effort. If they are successful, this corrective move, which started in late December, could be brought to an end.
Chart by TradingView
2. Early Bullish Signals Emerge
Buying volume has increased in the last two days, which also explains the recent price action and bounce. If this continues, the bulls may have a chance to challenge the bears and take back control.
Chart by TradingView
3. MACD Bullish Histogram
While the price of SOL is making a lower low, the MACD histogram on the daily time frame is reaching higher lows, confirming the bullish trend. This could be an early sign that sellers are exhausted and buyers may return.
Chart by TradingView
Prejudice
Bias for the LEFT is neutral.
Short Term Forecast for SOL Price
As long as the key $78 support holds, Solana has a good chance of reversing this downtrend and recouping some of the recent losses.
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Cryptocurrency charts from TradingView.
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