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Solana Eyes Bounce Back from $80 Support, Bulls Hopeful

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Solana’s price dropped 28% to $83 in a month, with a 3% loss in 24 bitcoin hours and a 14% dip in seven days.
Technical indicators suggest a bearish trend, emphasizing the need to hold support above $80.
Traders should monitor a potential rebound at $80, as breaking the descending channel could lead to a quick recovery to $120.

Solana (SOL) is facing a challenging period as its price experienced a significant decline of 28% over the past month. The altcoin, which recently tested a new demand area at $85, saw a 3% loss in the last 24 hours and a notable 14% dip in the past seven days.
Technical indicators are painting a cautious picture of Solana‘s future. The price decline since its peak at $125 in December has adhered to a descending channel, indicating a persistent bearish trend with no immediate signs of a reversal. The 20-day Exponential Moving Average (EMA) and the 50-day EMA on the daily chart are both signaling a worsening technical structure, raising concerns among investors.
The Relative Strength Index (RSI), although currently neutral, is dropping sharply toward the oversold region, suggesting a bearish outlook and the potential for the downtrend to extend below the critical support level at $80. For bullish sentiment to prevail, maintaining support above $80 is essential, as a breach could pave the way for a more prolonged bearish trend.
The key indicators to watch include the RSI, which needs to avoid reaching oversold levels below 30 for a sustained recovery. Additionally, a break above the descending channel, supported by the middle boundary and the 50-day EMA at $87, could signal a shift in momentum for Solana.
For conservative traders, a breakthrough above the channel might usher in a new bullish phase, with anticipation of a recovery to $120. A successful retest of $100 resistance could expedite the recovery, setting the stage for a potential breakout to $200 and a retest of the all-time high at $260. 
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The post Solana Eyes Bounce Back from $80 Support, Bulls Hopeful appeared first on Crypto News Land.

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