$SOL Yesterday (November 5), it closed at a 30-day low, dropping about 7% in a single day and around 25% over the past 30 days. This morning, it was trading near $90.
A few numbers:
• Binance SOL/USDT’s trading volume for the day was $246 million, about 40% above the 20-day average, as prices fell on rising volume
• Liquidations in crypto derivatives markets totaled about $1.06 billion, mostly from long positions
• The daily RSI is just 29, already in technically “oversold” territory
• The key support below is $88.30, which has held five times since February; below that is $83.98
• Resistance above is at $92.50. A close above that would be the first step toward ending the decline
Put simply, SOL is now only about 2% above support. Either solid buying interest emerges around $88.30, or it will move on to the next leg down in search of a bottom. Oversold doesn’t mean an immediate rebound—in a trend, it can stay oversold for a long time. I pay more attention to the daily closing price than intraday wicks.
#Solana #Technical Analysis
For reference only; this is not investment advice.
A few numbers:
• Binance SOL/USDT’s trading volume for the day was $246 million, about 40% above the 20-day average, as prices fell on rising volume
• Liquidations in crypto derivatives markets totaled about $1.06 billion, mostly from long positions
• The daily RSI is just 29, already in technically “oversold” territory
• The key support below is $88.30, which has held five times since February; below that is $83.98
• Resistance above is at $92.50. A close above that would be the first step toward ending the decline
Put simply, SOL is now only about 2% above support. Either solid buying interest emerges around $88.30, or it will move on to the next leg down in search of a bottom. Oversold doesn’t mean an immediate rebound—in a trend, it can stay oversold for a long time. I pay more attention to the daily closing price than intraday wicks.
#Solana #Technical Analysis
For reference only; this is not investment advice.