Despite the fact that buyers put on a good performance, Solana (SOL) lost momentum once it hit the $67 resistance, leading to rejection by sellers. Bearish sentiments have taken over, signaling the end of the uptrend that began in mid-October.
Bearish Cross on Daily
Today, the daily MACD moving averages did a bearish cross, confirming the return of sellers. Without the reappearance of buyers, this correction could see Solana (SOL) plummet back to its current support at $44.
Daily RSI Bearish Divergence
The bearish divergence noticed past week has now been confirmed as the price failed to make higher highs, entering a correction phase. The bias remains bearish until the daily RSI starts making higher highs.
Solana’s bias is as of now bearish.
Short-Term Prediction for Solana (SOL) Price
With the loss of the uptrend, Solana (SOL) is now seeking support, with the $44 level being a strong candidate due to its probability to attract buyers. Once support is established, the digital currency could see an uptick in its value again.
Hot Take: Solana’s Market Performance
The market outlook for Solana (SOL) seems to have taken a downturn, marking the end of its spectacular run. The rejection by sellers at the $67 resistance level has shifted the momentum, signaling a bearish bias. The correction could see a revisit of the $44 support, where buyers may regain control, potentially leading to another uptrend. Nonetheless, until that happens, the future looks uncertain for Solana’s market performance.
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