SOL price action shows a similar channel structure, with the $97 area being a key resistance level. If this level continues to fail to be broken, a consolidation phase could potentially take place throughout the 4 to 6 week period.
However, if that structure eventually breaks down, a downside target around $50 starts to become a viable scenario. A number of indicators are reinforcing this cautious stance. The RSI has dropped below the 50 level, the AO is showing increasing bearish momentum, and the CMF is at -0.02 indicating capital outflows.The only difference is that MACD hasn’t confirmed a bearish cross yet, but the conditions don’t reflect solid strength either.
ETH
2,034.5
+1.09%
SOL
83.18
+0.21%
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