Solana (SOL) is currently in a mixed phase in terms of technical performance. Based on market analysis and using the RSI and MACD indicators:
1. RSI (Relative Strength Index):
The RSI is at 43.7, indicating a bearish market, as the indicator is below the 50 level that represents the parity between buying and selling power.
If the RSI drops further, it could indicate an oversold condition, which could trigger an upward rebound.
2. MACD (Moving Average Convergence/Divergence):
The MACD is currently showing mixed signals; it is showing slight bullish signals, but it has not yet broken critical levels to confirm an uptrend.
3. Current Price and Movements:
The current price of SOL is hovering around $235.55, having seen a 0.52% decrease in the last 24 hours.
The general trend suggests that the currency is facing strong resistances that may limit the upside in the short term, with a major support at around $230.
Recommendations:
If you are thinking of entering, keep a close eye on the RSI level. If it approaches 30 with positive reversals in the MACD, it could be a good opportunity to buy.
In case the support at $230 is broken, there could be an additional downside, so be sure to place stop losses.
