Did Solana Find a Local Top at $65 and is a Deeper Correction Coming: 3 Things to Watch Today (SOL Price Analysis)

CryptoPotato

2023-11-14 09:15:36

Solana appears to have found its first key resistance as buyers seem to pause.

Key Support levels: $67

Key Resistance levels: $44

1. SOL Rally Takes a Pause

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.

Chart by TradingView## 2. Selling Expands

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.

Chart by TradingView## 3. RSI Overbought and Falling

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.

Chart by TradingView## Bias

The bias for SOL is neutral right now.

Short-Term Prediction for SOL Price

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.

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.