Wednesday Night SOL Outlook


As of today, Solana (SOL) is in a deep correction dominated by a bearish trend, with the price falling below the $75 mark. It is currently fluctuating in the $74-$75 range, with a decline of about 5%-7% within 24 hours, and has been declining for eight consecutive months, setting the longest downturn cycle in history.
On the technical side, the price has lost all three key moving averages: 20, 50, and 200 days. The downward momentum has not yet exhausted itself; key support levels are at $72-$72.5. Overall, SOL is in a complex situation where the fundamentals remain strong, the technical indicators are oversold, but the bearish trend has not reversed. There is a short-term oversold rebound opportunity, but it is highly limited.
Trading suggestion: Watch for a rebound at $75.5-$76, target $73, and if broken, $BTC look for $71.
SOL-5.33%
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