Solana’s daily chart paints a clear picture of weakening demand as its Relative Strength Index (RSI) plunges to 39.07.
The RSI is a momentum indicator that measures overbought and oversold conditions, with levels above 70 reflecting overbought territory and below 30 signaling oversold.
At its current reading, SOL sits firmly in bearish territory, showing that selling pressure is outweighing buying momentum.
While the market may not yet be facing a capitulation phase, the outlook remains tilted to the downside. If bearish sentiment lingers, downward momentum could persist in the near term.
The RSI is a momentum indicator that measures overbought and oversold conditions, with levels above 70 reflecting overbought territory and below 30 signaling oversold.
At its current reading, SOL sits firmly in bearish territory, showing that selling pressure is outweighing buying momentum.
While the market may not yet be facing a capitulation phase, the outlook remains tilted to the downside. If bearish sentiment lingers, downward momentum could persist in the near term.
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Truly Unbiased Cryptocurrency News beincrypto.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.