- Solana value retains hovering above the month-to-month S2 help.
- SOL value sees RSI slowly climbing out of the oversold space on the RSI.
- Count on a pickup in bullish sentiment as soon as Nasdaq confirms risk-on would be the central theme for this week.
Solana (SOL) value noticed its bullish reversal cease quick on Sunday and is now nearing the month-to-month S2 help stage once more at $89.28. Though ASIA PAC fairness and European indices are firmly within the inexperienced, the sentiment has not spilled over to US futures and cryptocurrencies but. Count on a bounce off the month-to-month S2 help stage and search for a primary take a look at at $100 to the upside earlier than continuation this week in the direction of $130.70.
Solana bulls are pushing the RSI away from the oversold space
Solana value motion noticed bulls in good form on Friday and Saturday, erasing part of the video games and making an attempt to succeed in $100 to the upside. As a substitute, the sharp uptick stopped on Sunday as cryptocurrencies once more appeared heavy, with buying and selling beginning on Monday. Surprisingly sufficient, essentially the most important Asian indices and European indices are firmly within the inexperienced, the place US futures are considerably blended and comparatively flat throughout the European buying and selling session.
Count on for SOL value to remain hovering around this S2 stage because the Relative Power Index (RSI) continues to be at or in an oversold space, limiting any potential draw back for bears. This could assist bulls to make use of this window of alternative to go lengthy and make a bounce off the S2 stage at $89.28. As soon as US futures kick into gear and take over the sentiment from Europe, count on some bullish uptick once more, focusing on $100 intraday and $130.70 for this week.
SOL/USD every day chart
On the draw back, a break under the S2 support stage would see a dip in the direction of the low from final week, round $82. If European indices quit their good points and switch purple, along with US futures firmly within the purple, count on to see one other wave of promoting, with a doable nosedive risk in the direction of $58.84. With that transfer, the RSI would overshoot firmly into being oversold.