📊 SOL Faces Bearish Pressure: Solana ( $SOL ) has dropped below $200 for the first time in over a month, currently trading around $180 after a 6% decline in the past 24 hours and 17% weekly losses. The US Federal Reserve’s rate cut triggered the market-wide correction, dragging SOL down.
📈 Key Support Zone at $188–$179: Crypto analyst Ali Martinez highlights a critical support zone between $188 and $179. Historically, this range has acted as a strong resistance-turned-support, and a rebound from here could spark upward momentum.
💡 RSI and Stochastic RSI Indicate Rebound Potential: The Relative Strength Index (RSI) sits at 31.72, a level that has historically triggered price reversals for SOL. Additionally, the Stochastic RSI is in oversold territory, signaling a possible trend reversal in the near term.
📊 Bullish Indicators Point to Recovery: If Solana holds above the $179 support level, historical patterns suggest a potential rally back to its previous swing highs. Traders are watching these indicators closely for confirmation.
🔥 Conclusion: While SOL faces continued downward pressure, strong support zones and oversold indicators suggest a potential rebound. A successful bounce from $180 could set the stage for Solana to reclaim $200 and resume its bullish trend. 📈🚀
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