Is the SOL Bull Market Over? Three Things to Consider Today (Solana Price Analysis)


Solana’s spectacular performance has come to an end – or at least that’s how the market looks at the time of this writing.

Key Support levels: $44

Key Resistance levels: $67

1. Uptrend Lost?

Despite a good show from buyers, Solana lost momentum once the price reached the resistance at $67, where it was rejected by sellers. Bears have taken over, and the uptrend that started in mid-October has seemingly come to an end.

Chart by TradingView

2. Bearish Cross on Daily

The daily MACD moving averages just did a bearish cross today, which confirms that sellers are back. If buyers don’t return, then this correction could see Solana fall back to its current support at $44.

SOLUSDT_2023-11-21_15-49-52
Chart by TradingView

3. Daily RSI Bearish Divergence

The bearish divergence that was spotted last week has been confirmed. The price failed to make higher highs and is now found in a correction. Until the daily RSI makes higher highs, the bias remains bearish.

SOLUSDT_2023-11-21_15-49-28
Chart by TradingView

Bias

The bias for SOL is bearish.

Short-Term Prediction for SOL Price

With the uptrend lost, Solana is in search of support. The level at $44 is a strong candidate for that as it has a good chance to attract buyers again. Once support is found, this cryptocurrency could move higher again.

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Cryptocurrency charts by TradingView.



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