Solana Price Drop Signals Weakness: Is a Steeper Correction on the Horizon?
After falling below $200 after a strong rejection at $213 earlier today, the price of Solana is now at a crucial turning point. Following a recovery from a higher low at $175, this rejection caused SOL to drop below the $198–$200 support zone and to $195 at the time of writing. A bearish crossover has been generated by the 4-hour chart’s MACD indicator. This, along with the steep rejection at $213, suggests that SOL’s impetus is waning. A deeper retreat is probably in order before the stock tries to retest earlier highs, since the RSI is drifting lower and into the bearish zone.
Solana at Critical Juncture: Can Buyers Push Price Back Above $210?
If the current level doesn’t hold, crucial support levels to keep an eye on are $195–$198, $190–$192, and $185. Holding $198 might help buyers push Solana back toward $210–213, with a significant break above $213 paving the way for a move into $220+. The short-term technical picture is currently bearish, indicating a more thorough correction within the larger upswing. But since trading volume has increased by more than 100% in the last day, there is optimism that buyers would intervene to protect the $195–$198 support, which might rekindle the bullish trend.
Market Sentiment Split: Shorts Rise but Top Traders Stay Bullish
Over the previous day, there have been somewhat more short positions than longs, according to Coinglass derivatives data. It’s important to remember, though, that great traders have primarily long positions. The positions of top trader accounts on Binance are even more highly skewed toward the long side, with approximately 2.7 longs for every short. This implies that seasoned traders are looking at the present decline as a buy-the-dip opportunity and are expecting a possible comeback.
For more up-to-date crypto news, you can follow Crypto Data Space.
