Solana (SOL) prices fell nearly 9% on the day, and are the first to transactions of less than $ 130 for the first time since September 18, 2024.
The two main indicators of the SOL’s daily chart are tracked to complete the weak crossover, in which case the new lows of less than $ 100 may be on the card.
The 50 -day and 200 -day index moving average is just before the “cross of death,” and historically, it was an ominous signal for most cryptocurrency.
SOLANA 1 day chart. Source: COINTELEGRAPH/TradingView
Does traders buy Solana of less than $ 130?
Based on the analysis after fibonacci, SOL is currently between 0.5 and 0.618 and is considered a “golden zone”. The $ 130 level also served as a strong support near 0.618 during the integration period for 6 months in 2024.
SOLANA 1 day chart. Source: COINTELEGRAPH/TradingView
As a result, encryption assets can be formed by integrating the bottom of $ 130 to $ 150 for the next few weeks, taking into account the historical and technical relationships of the level.
Daily less than $ 130 will open the possibility of resuming the liquidity pocket between $ 120 and $ 110 as confirmed on the chart.
Solana’s daily RSI is less than 30. Source: COINTELEGRAPH/TradingView
The relative robbery index (RSI) fell to 30 levels for the first time since June 2023. In the previous two cases, if the RSI is deeply overlooked, the trend indicates the bottom, suggesting that the price may occur in the short term.
Related: Solana (SOL) prices have fallen 50% from the highest reason.
Is Solana’s average return?
Solana’s market sentiment and Mindshare have been hit hard because of the recent price behavior. Miles deutscher, an encryption commentator, recently pointed out that Altcoin’s feelings are one year’s lowest and SOL has “surrender moment.”
Solar or feelings. Source: x.com
Similarly, Santiments, a data analysis platform, suggested that most investors have weakened most encryption assets, including Bitcoin, Ethereum XRP and Solana.
This opens up the average return of Solana. After 50% correction, deeper correction may be limited to Altcoin. The upcoming SOL token lock is well known among investors and the price of the event may already be priced.
Related: There is no Bitcoin price ‘TOP’ as the Wyckoff model implies $ 100K Restest.
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.