Sellers Hold Strong
The price of Solana (SOL) briefly dropped below $80 but quickly bounced back from the key support level. Now, buyers are determined to continue pushing the price up, potentially putting an end to the recent corrective move that started in late December.
Early Bullish Signals Appear
In the past two days, there has been an increase in buying volume, which has contributed to the recent price action and bounce. If this trend continues, it could give the bulls a good opportunity to challenge the bears and regain control.
MACD Bullish Histogram
Although SOL’s price has made a lower low, the MACD histogram on the daily timeframe is showing higher lows. This indicates a bullish divergence, suggesting that sellers may be exhausted and buyers could soon return to the market.
Bias
The bias for SOL is currently neutral.
Short-Term Prediction for SOL Price
If the key support level at $78 holds, there is a strong possibility that Solana will reverse its downtrend and make an attempt to recover some of its recent losses.
Hot Take: Solana Gains Support and Eyes Reversal
Solana (SOL) has found solid support after briefly dipping below $80. With buyers showing determination and early bullish signals emerging, there is a chance for a reversal in its recent downtrend. The MACD bullish histogram supports this notion by indicating a potential exhaustion of sellers. As long as the key support level holds, Solana may attempt to recover some of its losses in the short term. Keep an eye on SOL as it aims to regain control and challenge the bears.
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