Key Indicator Suggests Solana (SOL) May be Ready for a Big Move

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One analyst believes that SOL below $90 is a “phenomenal offer.”

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Summarize with AI

Solana (SOL) has seen reduced volatility over the past several days, but the emergence of a certain technical signal suggests it may soon chart a substantial move.

Some analysts who touched upon the asset see an upswing as the more likely outcome, though others warn that a sharp decline could follow.

Major Turbulence Ahead?

Despite some sporadic spikes and dips, SOL has been trading in a tight range between $80 and $87 over the past weeks. According to Ali Martinez, this price action has triggered a squeeze in the Bollinger Bands.

This technical indicator consists of a moving average and two outer bands (one lower and one upper). When they tighten, it suggests the valuation might be gearing up for a huge move, as long periods of slight volatility are often followed by breakouts or breakdowns.

Although the Bollinger Bands don’t offer a clear direction, Solana’s Relative Strength Index (RSI) stands out as a distinctly bullish signal. The technical analysis tool ranges from 0 to 100 and is often used by traders to spot potential reversal points. It runs from 0 to 100, with readings below 30 considered buying opportunities, while anything above 70 is seen as bearish territory. Data shows that SOL’s RSI on a weekly scale recently fell to 29, while currently it stands at around 32.

SOL RSI, Source: Crypto Waves

X users James and OxBossman are among the optimistic analysts. The former argued that SOL under $90 is a “phenomenal offer,” while the latter thinks that the price would first hit $200 rather than collapse to $40.

The Bears Could be Quite Stubborn

Other popular traders, though, believe Solana’s native cryptocurrency has yet to feel the real impact of the current bear market. X user DrBullZeus predicted that the price could dip to as low as $50, assuming that “bulls are running out of time.”