The Solana (SOL) price has gradually fallen since reaching a high of $126 on December 15, 2023.

SOL broke out from a descending resistance trend line today but still trades inside a symmetrical triangle pattern.

Solana Attempts to Stop Bleeding

The technical analysis of the daily time frame shows that the SOL price has increased alongside a steep ascending support trend line since October 2023. The upward movement culminated with a high of $126 in December. 

The price has fallen since, creating several long upper wicks (red icons). 

Despite the decrease, the Solana price bounced at the ascending support trend line and trades above it. So far, the trend line has existed for 95 days. 

The daily RSI leans bearish. The RSI is a momentum indicator traders use to evaluate whether a market is overbought or oversold and whe

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Author: Valdrin Tahiri

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