Solana (SOL) is under pressure and recently dropped to a low -point of around $ 160. Many traders are frustrated by this decrease, especially because Sol traded almost $ 293 in January. According to santiment, this negative sentiment can be a well -known sentiment for a rebound.
Are traders in Bearish on Solana?
Santiment reports that Solana’s sentiment is currently at the lowest level since January 20, when the market last experienced a sharp withdrawal. This means that a large number of traders have become extremely bearish, so Sol continues to fall.
Social media discussions on Solana have also risen, which shows that many people pay a lot of attention to the struggle of Token, which indicates a losing trust in Solana.
Interesting is that in earlier market trends extremely bearish sentiment has often been followed by a price recovery. When most traders expect further losses, the market claims to move the tendency in the opposite direction.
This pattern has been seen earlier, where panic sales creates opportunities for smart investors to buy at lower prices before a recovery.
Sol Technical Analysis Hint Bullish Sign
Solana (SOL) has been stuck in a downward trend for a while and forms a clear pattern of lower highlights and lower lows. However, technical indicators suggest that a recovery on the horizon could be.
One of the biggest signs of a possible change is the 4-hour relative strength index (RSI). Although the price has created lower lows, the RSI is higher lows, indicating that the sales pressure can fade.
If Sol succeeds in breaking above the key Resistance at $ 173It could indicate the beginning of a new upward trend. The next major resistance levels to view are $ 195.81 and $ 216.90, which match earlier price consolidation zones.
For now, all eyes are focused on the next move from Solana. If the bearish keeps sentiment while the prices stabilize, a recovery on the horizon can be.
Credit : coinpedia.org
