SOL/USDT RSI Nearing Oversold
$SOL

SOL/USDT is currently trading at $130.24, down by -0.86%. The price is experiencing downward pressure, having fallen below the 200-period moving average, which stands at $139.67. This confirms the bearish sentiment in the market. Additionally, the VWAP at $130.45 is close to the current price, indicating a level of equilibrium between buyers and sellers, but the bias is still bearish.

The RSI is currently at 35.45, which shows that the asset is nearing oversold territory. This suggests that while the downtrend may continue, there could be a temporary relief bounce soon, depending on market conditions.

The MACD has turned negative, with the MACD line at -0.30 below the signal line at 0.61, indicating growing bearish momentum. The histogram is also showing negative bars, further supporting the downtrend continuation.

Key support levels to watch are around $124.50. If the price breaks below this level, it could extend the downtrend toward the $120.00 or even $115.00 levels.

On the upside, immediate resistance lies at $140.00, which aligns with the 200-period moving average. A break above this level could shift the sentiment toward a more neutral or bullish outlook.

Disclaimer: This analysis is for informational purposes only and should not be taken as financial advice. Always conduct your own research before making trading decisions.

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