CandleFocus Solana (SOL) 8% Dip Sparks Concerns for 2024 Recovery
2024-11-04
Author: Content Editor
Solana's price has fallen 8% over the past week and there are doubts about its ability to recover above the $200 mark by the end of 2024. Technical indicators suggest increasing selling pressure, and analysis of the SOL/USD chart shows that Solana is trading near the lower band of its Bollinger Bands indicator, indicating a spike in selling pressure. The Relative Strength Index (RSI) readings further confirm the bearish outlook. If SOL breaks below the lower band of its Bollinger Bands, it could signal increased bearish momentum and extend the decline to $133.64. However, if it bounces off the lower band, it could signal the start of an uptrend and challenge the bearish outlook.
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