Solana (SOL) is experiencing significant selling pressure, trading sideways within a larger downtrend. The token is priced at $83.14, with analysts noting it is range-bound between $76 and $90. While some see accumulation opportunities near support, technical indicators like the RSI and MACD signal continued weakness and downward momentum for the cryptocurrency.
Solana (SOL) is struggling to gain upward momentum amid strong selling pressure, trading sideways in a broader downtrend. At the time of writing, Solana is trading at $83.14 with a 24-hour trading volume of $5.42 billion, according to CoinMarketCap.
Analyst CryptoPulse stated that SOL is trading in a neutral range before a potential breakout or breakdown. He noted that if resistance is breached, the next target could be $100.
Another analyst, Crypto Caesar, shared a similar view on the current support zone. He commented, “Not gonna lie, blue zone and I’m in. Already scooped some up at this support zone.”
The token trades significantly below its key moving averages, signaling persistent weakness. Momentum indicators further confirm the bearish trend, with the RSI at 29.64 and the MACD histogram at -5.96.
In conclusion, sellers currently control the market for Solana. Investors are advised to wait for confirmations before taking new positions.
