Honestly, I’m having a hard time reading SOL at this level, so I can only lay out the data and think it through with you. $SOL is trading at 87.50, RSI has already fallen to 26.5, and it’s just one step away from the 14-day low of 85.02.
The drop has been both sharp and relentless. In the short term, it does look a little oversold, but being oversold doesn’t mean the decline is over. If 85.02 doesn’t hold, there’s not much of a cushion below—it could slip into a new low. If it does hold, at least that shows there are buyers willing to step in at this level.
I’m inclined to wait and see for now, because an oversold RSI only tells us the price fell quickly, not that it’s done falling. But if it gets back above 90.01, I’ll have to change my mind—that would mean the bears are starting to lose steam.
With it this oversold, are you betting on a rebound or trusting the trend?
$SOL
#SOL #MarketAnalysis
The drop has been both sharp and relentless. In the short term, it does look a little oversold, but being oversold doesn’t mean the decline is over. If 85.02 doesn’t hold, there’s not much of a cushion below—it could slip into a new low. If it does hold, at least that shows there are buyers willing to step in at this level.
I’m inclined to wait and see for now, because an oversold RSI only tells us the price fell quickly, not that it’s done falling. But if it gets back above 90.01, I’ll have to change my mind—that would mean the bears are starting to lose steam.
With it this oversold, are you betting on a rebound or trusting the trend?
$SOL
#SOL #MarketAnalysis