1. SOL Rally Faces Resistance
Solana attempted to break the key resistance at $67 but was halted at $65 by sellers. This suggests that the current rally may be losing momentum, potentially leading to a pause or even a pullback.
2. Increased Selling Pressure
On the 3-day timeframe, Solana indicates a shift in dominance towards bears. The current candle, the first since mid-October, shows selling pressure taking over. The closing of this candle will be crucial, as a red close could indicate further selling pressure.
3. RSI Indicates Overbought Conditions
The 3-day RSI for Solana has reached an overbought level of 91 out of 100, suggesting a potential local top. The falling RSI indicates a return of sellers into the market.
Bias and Short-Term Prediction
The bias for SOL is currently neutral, with the short-term prediction dependent on the $44 support level. As long as this support holds, the uptrend remains intact, but any weakness at this level could signal a healthy pullback before buyers return.
Hot Take: SOL Faces Resistance Amidst Selling Pressure
Solana appears to be encountering its first significant resistance as buyers take a pause, while increased selling pressure suggests a potential shift in momentum. Keeping a close watch on key support levels will be crucial to gauge any signs of weakness in the short term.
By
By
By
By