Solana Eyes A Revisit To Support

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Solana Eyes A Revisit To Support

Solana (Sol) Forecast Higher

The current Solana (SOL) trend is bearish, as the coin has been making lower lows and lower highs since the start of February. This bearish bias has sent the L1 token 'Solana' to drop towards the lower half of the range ($79.49 - $126.27).

For now, Solana (SOL) is close to the 50 SMA, which also acts as a support, at nearly $99.64. However, failure to hold the sellers here will send the SOL towards the next support at $88.64, where the 100 SMA is located. Any further selling pressure in the SOL will warrant another leg down, sending the SOL towards $79.49.

Solana - Rsi Prints Under 50

The RSI indicator shows a reading below the 50 mid-level, which suggests bearish pressure. Additionally, the MACD is also showing a bearish cycle as it is trading under the signal line. To top it all off, the histogram bars are also printed under 50, which means the bears dominate the SOL market.

To further cement the bearish thesis, the AO (Awesome Oscillator) shows red bars, indicating that SOL sellers are the dominant force.

On the other hand, the SOL could turn higher if the buying pressure increases. This will send the SOL above $102.88, turning this resistance into support and using it as a base for further gains.

Any further momentum will enable the SOL to reclaim the $120 handle, which is the high from February. And in a highly bullish phase, there's a chance for the bulls to reclaim the $126.27 handle as well.

While we discuss the trend in the SOLANA, it is essential to note that it is also tied to the Bitcoin (BTC) trend. If the BTC and the ETH change directions and turn south, it will also send the SOL down. That's why when we look at the SOLANA, it is essential to look at the crypto's overall trend.

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