“From trough to peak? Does Solana have the potential to rebound to $180, is it worth investing?”
Solana (SOL) is one of the major cryptocurrencies recently affected by the Federal Reserve's interest rate cuts. As the market remains sluggish, the asset's price has fallen below the $200 mark, hitting a new low not seen in over a month. However, despite SOL's price continuing to decline, this altcoin may be brewing a rebound.
Solana is currently testing the key support area between $188 and $179, a price level that has been a strong resistance in recent months. Typically, when the price breaks through a resistance area and then retraces, that area turns into support. Therefore, this price range may provide SOL with a solid support foundation, ready for a rebound.
Additionally, the Relative Strength Index (RSI) is currently at 31.72, indicating that SOL has entered the oversold territory, which usually suggests a potential reversal opportunity. The stochastic RSI also indicates that Solana's price may be ready to rebound, especially when market sentiment and technical indicators point towards this trend.
Although there is no clear price target, technically speaking, as long as SOL finds support, prices are expected to recover to previous volatility highs. It is worth noting that SOL's current price is around $180, having dropped about 6% in the past 24 hours, and nearly 17% over the past week.
As market sentiment gradually warms, Solana may encounter new opportunities. If you are also keeping an eye on such market dynamics, don't forget to follow the analyst for an in-depth analysis of investment opportunities!
