SOL Faces Correction, Technicals Hint at Weakness
CryptoNewsTerminal Staff01 Sep, 2024
SOL Faces Correction, Technicals Hint at Weakness
SOL has been on a downward trend, recording eight consecutive red candles. The recent dead cross below the 50-day and 200-day Simple Moving Averages (SMAs) on the 4-hour chart indicates a weakening momentum. However, the 4-hour Relative Strength Index (RSI) is showing a bullish divergence, suggesting a potential trend reversal. If SOL can challenge the uptrend line again, it may indicate a recovery in momentum. Traders should monitor SOL's price action for confirmation of a trend change. If the downtrend continues, SOL may test lower support levels.
