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Solana Price Analysis: SOL Coin May Go Into Correction Phase Now



Source: SOL/USDT on TradingView

Daily technical chart and Solana coin price is showing a downward trend. Based on the pivot level, the initial support level is 90.0 USD. From another perspective, if it accelerates, the resistance level to watch is 245.0 USD. Although the chart created a shooting star candlestick pattern during the day, the price is expected to plunge with medium reliability.

Ichimoku Cloud is composed of lead-1 and lead-2, and the displacement value is 1. It operates as a pivot level and leading indicator of asset price changes. Investors can see that the price breaks above the Red Moku Cloud and now trades above the Green Moku Cloud, so the cost is higher than the Green Moku Cloud, ensuring the bull trend of SOL.

Trading volume (2.748 M) is below the 20-day moving average (9.324 M). In short, the low volume caused the price to get rejected from the pivot zone. Investors may also notice that the volume bars on the chart are declining, which indicates that surprising volatility is expected in the next trading days.

The RSI indicator gave an (Overbought) signal with 79, projecting a sell signal in the coin. Investors may observe a declining slope from 90 to 79. It may plunge in future trading sessions.

Solana Coin Oscillators Are Heavily Overbought

Solana’s coin price today was $178.19, with a 24-hour trading volume of $7,055,616,581. The price of SOL has fallen -0.6% in the last 24 hours. It has a distribution of 290 million SOL coins as well as a total of 489 million. The RSI indicator shows a sell sign, and the traders have led to low volume. Technically, the price gets rejected from the resistance zones and continues in a downtrend. Accordingly, as with the overall market viewpoint, the trend remains bearish for upcoming trading sessions.

Resistance Level: $245

Support Level: $90

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