$SOL at 86.21 right now on the USDT pair and it feels like the market is holding its breath after another rough stretch. We are down just 0.06 percent on the day but the longer term picture tells a much tougher story with the one year return sitting at minus 42.76 percent and the six month figure even worse at minus 55 percent.
Bollinger Bands are stretched pretty wide with the upper band way up at 244 the middle at 154 and the lower sitting at 65 which puts price right on top of that lower rail. That setup often precedes some kind of mean reversion especially when you layer in the RSI reading of 28 which is solidly oversold on the six period setting.
MACD is still deep in bear territory though with the histogram printing negative bars and the line sitting at minus 14.80 so any bounce we get might be met with fresh selling until that starts to curl up. Volume has been respectable with over 220 million USDT traded in the last 24 hours which at least shows there is still interest at these prices.
Short term we have a little green candle trying to hold above the 84.48 low from the past day and the 24 hour high of 86.79 is not far away so a break above that could open the door to a quick test of 90. Overall this chart screams caution but the oversold conditions are screaming that a relief move could be brewing if the broader market gives it any room. I am watching the next few candles closely to see if buyers step in or if we just keep sliding along the lower Bollinger.
Bollinger Bands are stretched pretty wide with the upper band way up at 244 the middle at 154 and the lower sitting at 65 which puts price right on top of that lower rail. That setup often precedes some kind of mean reversion especially when you layer in the RSI reading of 28 which is solidly oversold on the six period setting.
MACD is still deep in bear territory though with the histogram printing negative bars and the line sitting at minus 14.80 so any bounce we get might be met with fresh selling until that starts to curl up. Volume has been respectable with over 220 million USDT traded in the last 24 hours which at least shows there is still interest at these prices.
Short term we have a little green candle trying to hold above the 84.48 low from the past day and the 24 hour high of 86.79 is not far away so a break above that could open the door to a quick test of 90. Overall this chart screams caution but the oversold conditions are screaming that a relief move could be brewing if the broader market gives it any room. I am watching the next few candles closely to see if buyers step in or if we just keep sliding along the lower Bollinger.
