Chart shows the price at 101.35, down -2.15% (with a note of ₹9,303.92, possibly a local fiat equivalent). This aligns closely with real-time market data around February 1, 2026, where SOL is trading in the $101–$105 range after a sharp recent drop (e.g., from highs near $118–$120+ in prior sessions, and broader weakness from late 2025 levels around $120–$130).
Key Technical Indicators from Your Chart (Short-Term View)
Price Action: Recent candles show a strong downward move, breaking below the middle Bollinger Band (MB ~103.01) and approaching/testing the lower Bollinger Band (DN ~99.75). The 24h high was 106.69, low 96.40 — price is near the lower end after rejecting higher levels.
Bollinger Bands (20,2): Price hugging the lower band suggests oversold conditions and potential volatility contraction (squeeze) if it stabilizes here. Upper band at ~106.26 acts as near-term resistance.
MACD: DIF -0.85, DEA -0.79, MACD -0.06 (histogram negative and below zero) — bearish momentum, though the lines are close, hinting at possible convergence/slowdown in selling pressure if it flattens.
Volume: Recent bars show declining volume on the drop, with some pickup but no strong buying surge yet.
Other: Price below key MAs (e.g., implied short-term MAs like MA5/MA10 in volume overlay), and broader performance poor (-1.91% today, -20%+ over 7 days, much worse longer-term).
Short-Term Outlook (Next Hours to Few Days)
Bearish bias dominates right now. SOL has broken key supports (e.g., ~$103–$106 area, prior lows around $100–$102), and momentum indicators remain negative. The drop appears impulsive, with risk of testing lower supports if selling continues:
Immediate downside: ~$99–$100 (lower BB / psychological), then potentially $96–$95 or lower if breached.
Oversold signals (near lower BB, weakening MACD slope) could lead to a short-term relief bounce or consolidation, but without strong volume reversal or reclaim of ~$103–$105, any bounce is likely limited (e.g., back to $103–$106 max near-term).
Short-term recommendation: Lean toward sell or avoid buying aggressively for now — wait for confirmation of reversal. If you're positioned long, consider tightening stops below ~$100 or scaling out. Shorting could be viable on weakness if risk-managed (e.g., target lower if breaks $100), but crypto is volatile — false breakdowns happen.
A bullish flip would need:
Strong close above ~$103 (MB) with volume.
MACD crossover bullish.
Reclaim of $106+ (upper BB / recent high).
Broader context: SOL has been in a downtrend recently (sharp from January highs), testing major support zones around $100–$105. Some analysts note potential for recovery if holds here (oversold conditions), but short-term structure favors caution/bears until proven otherwise.