Solana (SOL) Plunges by 10% Weekly, But This Market Signal Says ‘Buy the Dip’
Main Idea
Solana's SOL token has declined by over 10% in the past week, but some analysts suggest a potential rebound based on technical indicators and network activity, while others remain skeptical about its momentum.
Key Points
1. Solana's SOL has dropped by over 10% in the past week, currently valued at around $177.
2. Analyst Ali Martinez notes that the TD Sequential indicator has flashed a buy signal for SOL.
3. Some users predict a price surge for SOL, citing strong network activity and potential institutional inflows.
4. Others, like AlejandroBTC, argue there is no real momentum and that exit liquidity is thinning.
5. The RSI for SOL is just over 30, suggesting a potential rebound as it is near oversold territory.
Description
TL;DR Analysts point to certain indicators that suggest SOL could be poised for a rally in the near future. Some of the biggest optimists believe the price could soar to a new all-time high of $400. SOL’s RSI hovers just above 30, signaling oversold conditions. Combined with increased token withdrawals from crypto exchanges, this could reduce sell pressure and hint at a possible short-term recovery. Buying Opportunity? Solana’s SOL has declined by over 10% in the past week, currently valued at a...
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