CandleFocus Break or Bounce: Solana (SOL) Price Faces Critical Test
2024-09-07
Author: Content Editor
Solana (SOL) is currently trading around a critical level of $127, which has historically been a strong support for the altcoin. However, the current situation suggests that this support level may not hold this time. The price of SOL is below the 200-day EMA, indicating a bearish bias. The On Balance Volume (OBV) indicator suggests distribution is occurring, further supporting a potential downtrend. The Awesome Oscillator (AO) is negative, indicating bearish momentum. If the price drops below $127, it could fall further to $110. However, if the support holds, SOL's price could jump to $136.61.
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