- SOL’s oversold condition could offer a great buying opportunity, per analyst.
- Despite the weak market sentiment, SOL hit key confluence support at $175.
Solana [SOL] has been the most oversold top altcoin, but its over 30% pullback could be a great buying opportunity per some pundits.
According to pseudonymous analyst Marty Party, the SOL’s daily RSI (relative strength index) has dropped to levels last seen in mid-2023. Per Marty, this was an ideal place to long the altcoin.
Source: X
Will $180 hold?
Since its November peak, SOL has declined from $264 to a low of $175. But the pullback has hit a key confluence area which, if held, could validate Marty’s thesis.
Throughout 2024, SOL’s dumps reversed at the 100-day EMA (Exponential Moving Average, blue). This pattern has repeated in June, July, and October.
Source: SOL/USDT, TradingView
As of this writing, the recent pullback stabilized at t
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Author: Benjamin Njiri
