Solana's (SOL) price approached support: activity on PumpFun indicates a possible bounce
The RSI index for #SOL fell to 34.82, approaching an oversold zone, indicating a possible price reversal.
Activity on PumpFun's #Solana is on the rise again, indicating renewed user activity, which could have a positive impact on SOL prices.
SOL could test the $133 or $110 support level, but the increased interest in PumpFun could push the price back to $BTC Solana (SOL) has fallen 6% in the last 24 hours, attracting investors' attention. Technical indicators such as the Relative Strength Index (RSI) indicate that the #cryptocurrency is approaching an oversold zone, suggesting a potential reversal.
The increased activity on Solana's main app, PumpFun, suggests that user activity is on the rise again, which could have a positive impact on SOL. These developments point to a possible reversal of SOL's price trajectory in the short term.
The SOL RSI Index is currently at 34.82, which is a notable decline from the level of 70 just 15 days ago. This significant decline indicates a significant shift in market sentiment from a bullish phase, dominated by buying pressure, to a bearish phase, characterized by increased selling activity. RSI is a technical indicator used to determine the momentum and speed of price movement.
The RSI, fluctuating in the range from 0 to 100, RSI helps to identify overbought and oversold markets. Traditionally, an RSI reading above 70 is considered overbought and indicates that a correction is expected, while a reading below 30 is considered oversold and indicates that the market is ready to rebound.
If the RSI SOL is approaching 30, the oversold threshold, it indicates that the coin has reached a point where selling pressure has eased and buyers are likely to take action.
Can a new coin boost Solana's price?
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