SOL recorded its steepest historical drop during the past week!
SOL recorded its steepest historical drop during the past week. The currency was breaking its resistance in the $35 range. With this sharp drop, its price in the futures market even reached below $10. But a small part of this devaluation was compensated in the last two days. The condition of this currency is still very worrying. The bottom of Solana's long-term descending channel has been temporarily broken. Due to the high angle of the price meeting this support, there is a possibility of a complete break of the $10 support if the market continues to decline. In general, the support we can consider for Solana ranges from $11.85 to $14.40.
Solana has a bearish trend in most time frames. If the selling pressure increases in the market, there is a possibility of breaking this support and falling further to the range of 9.10 to 8.5 dollars. In the 4-hour time frame for a trend reversal, buyer support is needed to keep the price above the $15 range. Therefore, the return of the price below this range can make the trend downward again in 15 minutes. Changing the trend in the 1-hour time frame requires breaking the $20 resistance. To see signs of price growth, we should wait for a positive divergence on the RSI in the 4-hour time frame.
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