$SOL 🚨 Solana Price Analysis of April 16 🚨

Following this Solana news, the trading day of April 15th started with bearish momentum on the 5-minute SOL/USDT chart. The price found initial support at $127.72, driven by an oversold RSI. Shortly after, the MACD line indicator showed a golden cross, initiating an upward trend. This was fueled by overbought situations at 05:20 UTC and 13:45 UTC. The price found resistance at $134.45. However, the momentum shifted when the MACD line indicated a death cross at 16:40 UTC, signaling a downward trend. By 18:20 UTC, the RSI showed another oversold situation, and the price struggled to maintain the support level.

At 22:20 UTC, a further oversold situation caused the price to break below the support level, continuing the bearish trend. On April 16th, the price maintained a downward trajectory, with the previous support at $127.72 likely now acting as resistance. The price found temporary support at $124.39. The upcoming move will be critical in determining whether the support level holds, possibly leading to a pullback, or if the bearish momentum will cause a further decline. According to Solana price prediction, if the downward trend persists, the price could dip below $120. On the other hand, a reversal could push the price back toward the previous trading range, with a target of $140.

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