📊 SOL Under Bearish Pressure: Solana ($SOL) fell below $200 for the first time in over a month and is currently trading around $180 after falling 6% in the past 24 hours and 17% on a weekly basis. The Fed’s interest rate cut triggered a market correction, dragging down SOL.
📈 Key Support Area at $188 to $179: Cryptocurrency analyst Ali Martinez highlighted the key support area between $188 and $179. Historically, this range has been a strong resistance-turned-support level, and a rebound from here could spark upward momentum.
💡 RSI and Stochastic RSI Show Rebound Potential: The Relative Strength Index (RSI) sits at 31.72, a level that has historically triggered price reversals in SOL. Additionally, the Stochastic RSI is in oversold territory, indicating a potential reversal in the recent trend.
📊 Bullish Indicators Point to Recovery: If Solana holds above support at $179, historical patterns suggest a rebound back to previous swing highs is possible. Traders are watching these indicators closely for confirmation.
🔥 Conclusion: While SOL faces continued downward pressure, strong support zones and oversold indicators point to a potential rebound. A successful rebound from $180 could set the stage for Solana to reclaim $200 and resume the bullish trend. 📈🚀
