Solana (SOL) has a market cap of over $80 billion but is down more than 10% in the last 30 days. Despite a recent attempt at a bounce, its price has been stubbornly stuck below $170 since May 29.
Solana's RSI Flirts with Bullishness but Can't Cross the 60 Threshold
SOL is making a comeback, with its Relative Strength Index (RSI) currently sitting at 54.51, a major jump from 39.26 just a few days ago. But while the RSI has been trying to break the 60 mark, a level often signaling stronger bullish momentum, it's still stuck in neutral territory. Bulls are testing the waters, but they’re not diving in headfirst.
The RSI is an indicator used to measure price movements, and when it’s above 70, things are overbought. Below 30? Oversold. A neutral 50 means, well, a whole lot of nothing. With SOL sitting at 54.51, the market is cautiously optimistic, but if it can’t get over 60, the upside might be limited for now.
Resistance Within the Bearish Ichimoku Cloud: Solana Needs a Breakout
Solana’s price is testing some serious resistance from the Ichimoku Cloud. Recently, it tried to push into the red cloud from below, attempting to reverse the bearish trend. But, alas, the cloud remains thick and red, showing just how tough this resistance really is.
The Leading Span A is still below the Leading Span B, confirming the bearish vibe. Sure, the Tenkan-sen crossing above the Kijun-sen is a small bullish signal, but the price is still within the cloud, and that future resistance doesn’t look too promising. SOL needs a solid breakout above the cloud to truly signal a trend reversal. Until then, expect this resistance to keep pushing back.
Solana’s Recent Rally: Is It Enough to Overcome the Bearish EMA Setup?
Solana has had a nice little rally, climbing nearly 8% over the past four days and pushing above the $150 mark. However, the EMA structure still reflects a bearish sentiment, with short-term averages lagging behind long-term ones. If SOL keeps pushing, it could test resistance at $163.76. If it breaks that, $169.20 is in sight, and maybe, just maybe, a climb to $179.50.
But don't get too excited, this bullish outlook depends on the current momentum holding strong. If Solana can’t keep above the breakout level and loses support at $150.65, expect the price to dip back to around $141.53.
Andrew Madison
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