Sol continues to be bearish?
AI robot analysis!
The global cryptocurrency market is currently experiencing a turbulent period due to the rising tensions in the Middle East. Although prices initially fell, the market quickly recovered when it was discovered that the conflict did not cause much damage.
Notably, Solana (SOL) also showed a similar trend, falling sharply and then quickly recovering.
As of press time, Solana's price today is $144.68, up nearly 9% in the past 24 hours, even exceeding the price before Israel's retaliatory strike on Iran.
However, it is worth noting that SOL prices have remained lower for a long time, falling 14.94% in the past week and 17.13% in the past month.
Despite short-term fluctuations, Solana has experienced tremendous growth in the past year. The value of the token has soared 639%, outperforming most of the top 100 cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH).
However, the Solana network has faced challenges with outages and congestion, especially in the first week of April.
This congestion is largely due to the increasing number of users and their activity on the blockchain, especially with the rise of memecoins and decentralized exchange (DEX) trading.
AI estimates SOL's potential price trajectory
Solana is currently trading between support at $123.41 and resistance at $157.96.
The machine learning algorithm relies on technical analysis (TA) indicators such as the relative strength index (RSI), moving average convergence divergence (MACD), Bollinger Bands (BB), and average true range (ATR) to predict bullish and bearish long-term trends for SOL, but they expect a bearish long-term outlook.
According to the AI prediction model, the SOL price on April 19 was $144.68, and the price on May 1 was $132.08, which would be a drop of nearly 9%, so it is still within the current support and resistance range.
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