Solana appears to have found its first key resistance as buyers seem to pause.
Key Support levels: $67
Key Resistance levels: $44
Solana tried to reach the key resistance at $67, but sellers stopped it at $65. It appears selling is intensifying, which could signal that the current rally may come to a pause. If this continues, a more significant pullback becomes likely.
Solana shows that bears are dominating now based on the 3-day timeframe. This is the first candle since mid-October when sellers came on top of this timeframe. It’s important to wait and see how this candle closes. If in red, then selling may continue later on.
The 3-day RSI is also showing signs that Solana may have reached a local top, with the indicator hitting an overbought level of 91 points out of 100. At the time of this post, this indicator is falling, suggesting sellers are returning.
The bias for SOL is neutral right now.
As long as the support at $44 is not broken, the uptrend will remain intact for Solana. The price has plenty of space to enter a healthy pullback before buyers return. Keep a close eye on the key support for any signs of weakness.
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