SOL Crashes by 13% on Daily: Three Things to Consider for this Weekend (Solana Price Analysis)

CryptoPotato

2023-11-17 11:25:02

Solana’s spectacular performance appears to have reached a top.

Key Support levels: $43

Key Resistance levels: $67

1. Bears Return

After new local highs, Solana has arrived at the $67 key resistance where sellers appear to be making a stand. Buyers failed to break this level and now are on the defensive. The key support is at $43.

Chart by TradingView## 2. Uptrend Could be Lost

Since mid-October, Solana went from $21 to $67 without any significant pullbacks. This is why a deeper correction could be expected at some point in the future.

Chart by TradingView## 3. Daily RSI Bearish Divergence

While SOL’s price is making higher highs, this is not the case on the daily RSI which is showing a bearish divergence. This signals that buy momentum is fading and may give sellers an opportunity to push this cryptocurrency lower.

Chart by TradingView## Bias

The bias for SOL is neutral.

Short-Term Prediction for SOL Price

Solana remains a very strong performer, but this rally may be approaching its end. If buyers fail to take the price above the resistance at $67, then sellers could take over in the near term.

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.