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Why $SOL price is down: • Overbought correction in progress• From a technical perspective, Solana's price declined after its daily relative strength index (RSI) approached the overbought level of 70. Additionally, a resistance confluence around $186, which included the 0.786 Fibonacci retracement line and a short-term ascending trendline, intensified selling pressure. These price ranges could be seen as good entry points. Goodluck lads. #solanAnalysis #buythedip #altcoins #BinanceLaunchpool #BlackRock

Why $SOL price is down:

• Overbought correction in progress•

From a technical perspective, Solana's price declined after its daily relative strength index (RSI) approached the overbought level of 70. Additionally, a resistance confluence around $186, which included the 0.786 Fibonacci retracement line and a short-term ascending trendline, intensified selling pressure.

These price ranges could be seen as good entry points. Goodluck lads.

#solanAnalysis #buythedip #altcoins #BinanceLaunchpool #BlackRock

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$SOL Technically Analysis 1. Moving Averages (MA): - MA(7): 167.43 - MA(25): 167.11 - MA(99): 166.68 - The current price (166.91) is hovering around these moving averages, indicating potential consolidation or sideways movement. 2. Relative Strength Index (RSI): - RSI(6): 30.74 (indicating oversold conditions) - RSI(12): 41.81 (neutral-bearish) - RSI(24): 47.63 (neutral) - The RSI values suggest that the price is in oversold territory on the shorter timeframe, which could lead to a potential rebound. 3. Volume: - Volume has slightly increased, indicating some trading activity, but not significant enough to denote a strong trend. 4. MACD (Moving Average Convergence Divergence): - DIF: 0.10 - DEA: 0.12 - MACD Histogram: -0.02 - The MACD shows a slight bearish momentum, but it is close to the zero line, suggesting weak trend strength. • Chart Pattern: - The chart shows a recent high at 170.94 and a low at 163.67, with the current price around 166.91. - The price has been oscillating and consolidating between 165.97 and 168.64, similar to the previous chart. • Probability Prediction: - Bullish Scenario (up to 170.94): 55% - The oversold RSI(6) indicates a potential rebound, but overall momentum is weak. - Bearish Scenario (down to 163.67): 45% - Given the slight bearish indication from MACD and overall neutral-bearish RSI. • Conclusion: - Short-Term Outlook: Slightly bullish with a 55% probability of testing previous highs around 170.94, but the weak overall momentum suggests caution. - Risk Factors:Oversold conditions could lead to a short-term rebound, but the overall trend strength is weak, indicating the possibility of continued consolidation or minor pullback. #StartInvestingInCrypto
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