Oversold RSI Hints Upcoming Relief Tally

Solana price prediction: following the aggressive downfall, the Solana price tried to sustain above the $12 mark. Moreover, a Bullish reversal from the hints the buyers are wresting for a relief rally before continuing the prior downtrend. Anyhow, a bullish pullback is necessary to stabilize the prices after sudden losses. 

Key points

• The Solana price reclaims the $17 resistance in the hope of a relief rally.
• A falling downtrend will encourage the Solana price for prolonged correction. 
• The 24-hour trading volume in the Solana coin is $6.1 Billion, indicating a 41% gain.

Source-Tradingview

The Solana price witnessed significant losses amid the FTX crypto exchange crisis. As a result, the altcoin dropped from the high of $38 to $12.5 since last weekend, registering a 67.5% loss.

However, yesterday’s growth rebounded the SOL price from $12.52 support and triggered a minor relief rally. This 26% jump breached the immediate resistance of $17 and offered buyers the to progress on a bullish reversal.

Nonetheless, with the negative sentiment persisting in the crypto market, the Bitcoin price plunged 4.5% today and pressured the altcoin to the resumption of the prior downtrend. Thus, if the Solana coin remains below $17, the prices will likely retest the $16 mark.

On a contrary note, a daily candle closing above the $17 mark will drive the prices 25% higher to hit $22.2, followed by $26.5.

However, the Solana price will remain under bearish reign until the overhead resistance trendline is intact.                                                                                                                                                                             

Technical indicator

RSI: the daily-RSI slope reverted from the oversold region, indicating the buyers are entering at a discounted price. However, the overall sentiment remains negative will the low RSI value.

EMAs: the downsloping crucial EMAs(20,05, 100, and 200) accentuate the aggressive selling in the crypto market. Moreover, these EMAs could assist sellers in extending the price correction. 

Solana price intraday level

• Spot price: $16.53
• Trend: Bearish
• Volatility: Medium
• Resistance levels: $17 and $22.
• Support levels: $12 and $9.75