In-depth analysis of Solana (SOL) price trends and key technical levels
According to TinTucBitcoin's analysis, SOL is currently in a clear downtrend and preparing for a deeper correction. The daily chart shows that the asset has broken the head and shoulders pattern, confirming the negative trend as the daily candle closes below the neckline. Particularly, if negative sentiment persists, SOL could drop by more than 20%, reaching 114 USD in the coming days. However, if it surpasses the resistance level of 145 USD, SOL could bounce back to around 166 USD, driving a counter-technical growth.
The chart shows that SOL is under strong selling pressure, causing significant corrections. Key support levels such as 135 USD and 130 USD need to be monitored to determine the potential for recovery or continued decline.
Source: TradingView
EMA and RSI technical indicators predict short-term trends
Currently, SOL is trading below both the 50-day and 200-day EMA on the daily chart, indicating that the downtrend is still ongoing. Prices may continue to decline unless they break through these levels to re-confirm a positive trend. The RSI bottom is around 33.50, signaling a short-term oversold state. If buying pressure increases, there is a high chance of a temporary recovery, especially when prices hit this oversold region.
Positive on-chain indicators – Despite the price drop
Although market sentiment is trending negatively, according to data from Santiment, approximately 71.03% of holders still maintain a positive outlook on Solana. This support reflects the community's expectations for the long-term resilience of the project as the blockchain continues to develop. However, there are 8.33% neutral and 20.63% negative attitudes, creating a clear picture of polarization.
Source: Santiment
73 million USD worth of SOL has left the exchange in the past 48 hours
The amount of SOL withdrawn from exchanges at this time shows that long-term investors are taking the opportunity to buy in as prices drop. According to data from CoinGlass, approximately 73 million USD worth of SOL has left exchanges in the past 48 hours, a positive sign that helps reduce selling pressure and promotes internal accumulation trends. This could lessen selling from short-term traders and facilitate the long-term growth of SOL.
Source: CoinGlass
Binance trading: 75% of long-term traders are betting on a price increase
The latest data shows that the Long/Short ratio on Binance has reached 2.97, reflecting the positive sentiment of traders in the market. Specifically, 74.79% of traders are betting on long-term purchases of SOL, while only 25.21% are leaning towards short positions. This information indicates that although prices are trending down, bullish expectations still dominate, providing a basis for short-term recovery as favorable market conditions continue.
Source: CoinGlass
Is this a buying opportunity or just a bullish trap?
The combination of a declining price trend, negative technical indicators, and positive long-term sentiment raises significant questions about the nature of this correction. The opportunity to own SOL during this correction could be a lucrative buying point for patient investors, or it could also be a trap creating false excitement to draw investors in during a downturn.
Source: https://tintucbitcoin.com/solana-on-dinh-135-usd-co-hoi-hay-rui-ro/
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