SOLUSD Price Chart by Tradingview.com<\/figcaption><\/figure>\nSolana\u2019s (SOL) price has recovered from the $17.6 support level, with bulls driving it towards the $25.61 supply zone. However, they encountered rejection that allowed bears to push the price lower.<\/p>\n
The bulls have shown resilience, establishing a solid support level at $17.60 and maintaining their position to recover their losses. However, the formidable resistance level is leading to the formation of a double-top pattern, showing the potential for a bearish reversal.<\/p>\n
Furthermore, the price is above the 50-day and 200-day simple moving averages, reinforcing bullish sentiment. These moving averages can also serve as immediate price support, potentially driving prices higher.<\/p>\n
Conversely, the relative strength index (RSI) is trending downward at 49, signifying a neutral price position. The price could bounce back into the overbought region. Alternatively, the RSI could continue its decline towards the 30-level mark.<\/p>\n
Solana\u2019s (SOL) overall trend remains bullish. Nonetheless, the double-top pattern allows bears to drive the price down to the $17.61 support zone, where bulls may regroup and recover their losses. A candlestick open below this level may lead to a further decline to the $14.24 support zone.<\/p>\n
If the 50-day and 200-day moving averages maintain momentum, buyers could capitalize on this opportunity to drive the price, aiming for $25 and $32, respectively. Thus, traders should monitor these moving averages for further market movement.<\/p>\n
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