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Is Solana headed for a drop? Key toughen at $159 may possibly presumably possibly moreover give methodology
Is Solana headed for a drop? Key toughen at $159 may possibly presumably possibly moreover give methodology

Written by Digital Info

June 1, 2024

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– Solana (SOL) price is consolidating and forming a pennant pattern
– The price is showing bearish momentum despite the previous bullish trend
– The support level at $159 may be broken, leading to a potential drop to $153
– As of now, Solana’s price is at $168 with a 0.68% increase in the last 24 hours and a 1.3% increase in the last seven days
– Market cap is around $77 billion and trading volume is $77.2 billion with a 12.4% increase in the last 24 hours
– Long/short ratio indicates more short positions, suggesting a further price decline
– MACD indicator shows bearish momentum, potentially breaking the $159 support level
– Stochastic RSI leans towards the lower limit, indicating a neutral to slightly oversold market
– Technical indicators and on-chain analysis suggest a bearish momentum towards the $153 support level
– However, if the support level holds, a possible bullish movement may occur.

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