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Will Solana Bounce 25% or Dump 35%? Chart Reveals All
- Solana (SOL) price has faced significant selling pressure, dropping over 29% from its peak near $188 to around $130, testing key support levels.
- Charts indicate a crucial decision point between a potential short-term bounce or a further decline, with indicators like RSI nearing oversold levels and bearish Heikin Ashi candles persisting.
- SOL is currently struggling around $130, attempting to hold above a critical Fibonacci support zone while facing a sustained downtrend marked by red Heikin Ashi candles.
- The RSI at 30.26 suggests a possible reaction point for Solana, with historical patterns showing potential for a short-term bounce if the $130 support level holds.
- A break below $128-$130 support could lead to a rapid decline towards $116 or $102, indicating a downside risk of around 23% to 36%.
- A bullish scenario depends on defending the $130 support and breaking above $140, possibly triggering a short squeeze rally towards $152 and $165.
- The current chart structure suggests a bearish bias until SOL price shows strength above the $140-$142 resistance zone, despite RSI pointing towards oversold conditions.
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