Solana looks sad, I won't lie.
It's bleeding on all timeframes, currently sitting around $67, significantly below the 50 and 200 MAs. When the price is below both, it's not worth fighting it. The trend is down, and that's a fact.
The level I'm watching is $60. That's the yearly low. If it holds, we might get a bounce; if it breaks, I think we'll quickly drop into the high 50s.
RSI is at 35, so it's weak, but not screaming "oversold" yet, and there's no panic volume; it looks more like a slow decline than a bottom.
I'm not going to turn bullish until it closes above $73. For now, I'm leaning towards a short / staying out of the market.
NFA, just my take ๐
SOLUSDT
Perpetual
67.37
-1.36%
It's bleeding on all timeframes, currently sitting around $67, significantly below the 50 and 200 MAs. When the price is below both, it's not worth fighting it. The trend is down, and that's a fact.
The level I'm watching is $60. That's the yearly low. If it holds, we might get a bounce; if it breaks, I think we'll quickly drop into the high 50s.
RSI is at 35, so it's weak, but not screaming "oversold" yet, and there's no panic volume; it looks more like a slow decline than a bottom.
I'm not going to turn bullish until it closes above $73. For now, I'm leaning towards a short / staying out of the market.
NFA, just my take ๐
SOLUSDT
Perpetual
67.37
-1.36%