Bears Dominate
The price of Solana has dropped by 7% in the past 24 hours, raising concerns about the continuation of the uptrend. There is a possibility that it may reach the key support level at $78, which will be crucial for the bulls.
Bearish Momentum Intensifies
Despite efforts from buyers, the selling pressure has intensified in recent days. This can be seen in indicators like MACD and RSI, which are showing lower lows.
MACD Lower Lows
The 3-day MACD histogram is showing lower lows, indicating a bearish trend. The moving averages are also expanding as they decline, further confirming the bearish sentiment.
Bias
The bias for SOL remains bearish.
Short-Term Prediction for SOL Price
The key level to watch on the chart is the support at $78. It will be interesting to see if the bears can push the price down to that level.
Hot Take: Solana’s Uptrend at Risk as Bears Gain Control
Solana’s recent selloff has raised doubts about the continuation of its uptrend. With bears dominating the market and intensifying their selling pressure, the outlook for SOL remains bearish. The key support level at $78 will be crucial to watch, as a breach could lead to further downside momentum. Traders and investors are eagerly waiting to see if bulls can regain control and push the price higher. However, with indicators like MACD and RSI showing lower lows, a recovery seems unlikely in the short term. Keep a close eye on SOL’s price action as it navigates through this challenging period.
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