Solana had a strong rally this past week but was rejected by the resistance at $236. Due to today’s market dropdown, SOL was pushed back on the key support level at $190.
SOL was already giving a bearish signal due to the indicators, with a daily MACD that completed a bearish cross on November 11th. Whenever this happens, it is always best to be cautious and not FOMO in. SOL has continued to make lower highs and lower lows. Today’s daily candle has wicked all the way down to $182, which is the lowest level since late October.
Looking ahead, Solana appears to be in a longer correction that might take longer to play out, and today’s price action only reinforces this bias. While the support at $190 has held today, this is not a guarantee that it can hold another attempt at breaking it. The indicators such as MACD and RSI remain bearish, and it is best to remain careful.
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SOL was already giving a bearish signal due to the indicators, with a daily MACD that completed a bearish cross on November 11th. Whenever this happens, it is always best to be cautious and not FOMO in. SOL has continued to make lower highs and lower lows. Today’s daily candle has wicked all the way down to $182, which is the lowest level since late October.
Looking ahead, Solana appears to be in a longer correction that might take longer to play out, and today’s price action only reinforces this bias. While the support at $190 has held today, this is not a guarantee that it can hold another attempt at breaking it. The indicators such as MACD and RSI remain bearish, and it is best to remain careful.
Like and follow if you liked my idea!
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