$SOL Logical Analysis
What appears on the chart is a clear failure to hold above resistances of $190 and $185 with consecutive red candles and a sharp drop in the RSI (which reached 12.46), indicating very strong selling momentum.
Clear signals for the following:
- Breaking support at $185 and touching the next support at $180.
- Technical indicators like MACD and RSI confirm the continuation of the downward trend.
- Volumes support the decline, meaning that selling is strong.
If the price does not hold at $180, the closest scenario is:
- $175 as a potential support level.
- And if that is also broken, $170 is the next area to watch.
When do we change the outlook?
If strong reversal candles such as a hammer or engulfing (bullish engulfing) appear at one of these supports accompanied by an increase in the RSI and MACD, that could signal the beginning of a rebound.
Monitor the candles at $180 and $175 and watch the trading volume.
