CandleFocus Solana Losses Ground, Drops Below $137 As Bearish Momentum Builds
2024-09-16
Author: Content Editor
Solana (SOL) has experienced a decline below the $137 support level, suggesting a growing bearish momentum. The cryptocurrency's once-promising uptrend has faltered, leaving traders and investors uncertain about potential further losses. The breach of the critical $137 level and the 100-day Simple Moving Average (SMA) indicates a weakening technical setup and increased selling pressure. The Relative Strength Index (RSI) on the 4-hour chart is also showing bearish control, with the possibility of further downside if buying interest does not increase. On the daily chart, SOL is exhibiting significant pessimism, slipping below the 100-day SMA and forming bearish candlesticks. The 1-day RSI further indicates intensifying bearish pressure. Key support levels to watch are $118 and $99, with a rebound at these levels potentially leading to a bullish reversal and the possibility of higher gains.
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