Examining if $SOL price will hold firm in the short-term - AMBCrypto Analytics

On the price charts, Solana established a demand zone between $141 and $142. These levels are also acting as crucial support, with SOL bouncing each time these prices have been tested. SOL broke out above the mean threshold at $141 and out of the demand zone on the hourly chart. However, for the uptrend to be sustained, it needs to maintain its levels above it. 

The support was also acting as a good entry point for buyers. The Relative Strength Index (RSI) line formed a higher low, despite being below the signal line. This pointed towards a bullish divergence, signalling that the downtrend may be weakening. The RSI at 41 underlined the sellers’ dominance though, with SOL still fairly bearish. Even so, the movement of the RSI line underlined a slight uptick in buying activity. 

The Awesome Oscillator (AO) further strengthened the case for weakening bearish momentum after forming a single green candle. And yet, the short-term momentum remained weak at press time.

In fact, the AO also revealed a previous attempt to reverse the downtrend, but it failed. SOL needs an uptick in buying interest to hold key support levels and drive more gains on the charts.