strong buy
SOL Price Dropping Sparks Concerns; Close Watch on $154 Resistance
The price of SOL has declined from $176 to $141 over the past eight days, raising concerns among investors about its potential for recovery. Long-term holders (LTHs) are now selling the asset, with trading volume reaching a two-month high. This shift in investor behavior questions the short-term stability of SOL, as LTHs are generally patient investors. Key technical indicators still indicate bearish market conditions: the death cross remains relevant, and EMA shows divergence. However, a 5% recovery in the last 24 hours provides a glimmer of hope. Currently, SOL trades at $152, facing resistance at $154, a crucial barrier for any bullish movement. Without surpassing this level, further price decline is possible. Nonetheless, if broader market conditions improve, a rally may begin, potentially ending the death cross pattern and initiating a bullish trend.
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AI Analysis
The recent drop in SOL from $176 to $141 in just over a week indicates significant bearish pressure. The surge in trading volume aligns with increased selling activity, primarily from long-term holder...
AI Recommendation
Investors should remain cautious given the prevailing bearish indicators and recent volume spikes indicating possible capitulation. It would be prudent to wait for a confirmed breakout above the $154 ...
Disclaimer
The AI analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.