Solana (SOL) Price Analysis: Bearish Trend Continues
– SOL price has fallen after being rejected by the $27 resistance area in July.
– The weekly timeframe shows that SOL broke through a descending resistance line, but failed to surpass the $27 level.
– The confirmation of the breakout depends on SOL closing above $27.
– The weekly RSI suggests a slight bullish inclination, but has yet to surpass the 50 threshold.
– Validation of the bullish trend requires a definitive rebound in the RSI and a price closure above $27.
– Failure to do so could lead to a 35% drop to the $16 resistance line.
Latest Developments and News
– Saga Mobile, a part of Solana, has reduced the prices of its web3 smartphone by 40% to boost adoption.
– Solana’s Cypher protocol experienced a security breach resulting in a $1 million exploit.
– Solana launched a new application that rewards AI data providers with crypto.
Daily Price Prediction: Bearish Trend Continues
– The daily trend is bearish due to deviation above the $27 resistance area and the creation of a lower high.
– The daily RSI has fallen below 50 and is decreasing.
– If the decrease continues, SOL price could fall by another 33% to reach the ascending support line at $15.40.
– Closing above $27 would indicate a bullish trend, with a potential 96% increase to the next resistance at $46.
Hot Take
Despite some positive developments within the Solana Network, the overall price analysis suggests a bearish trend for SOL. The failure to surpass the $27 resistance area and the downward movement of the RSI indicate weakness in the market. However, a definitive rebound and closure above $27 could potentially reverse the trend and lead to significant price growth. Traders should closely monitor these key levels to make informed decisions.
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