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Trading volumes don’t seem strong enough yet to break through this relevant area but the American session – the one with the strongest volumes – is just getting started so the jury is still out on what could happen next.
SOL Could Rally to $210 if It Bounces
From a technical perspective, this decline is not unexpected but also not necessarily supportive of the rally as SOL failed to break above some big order blocks as the selling pressure ultimately put down the rally.
Meanwhile, if the price bounces off this level, the most likely target for a bullish scenario would be the $180 level and then $210 as trading volumes are much lower above $155.
This is definitely a make or break moment for SOL and we could expect some sideways price action in the next few days on the lower time frames as market dynamics unfold.
Momentum indicators seem to be favoring a bearish outlook for now as the MACD’s histogram has been trending lower for six days in a row while the Relative Strength Index (RSI) just broke below its 14-day simple moving average – often a signal that a trend reversal is unfolding.
In case of a bearish breakout, the nearest support for SOL would be found at $123 per token, meaning a 13.4% downside potential from current levels.
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