The Solana (SOL) price is at risk of breaking down from an ascending support line that has been in place since the start of the year.
Since the line has been in place for a long period of time, the breakdown below it would mean that the ongoing increase has ended. So, it could cause a sharp decrease toward the closest support.
Solana Price Risks Breakdown From Long-Term Structure
The SOL price has increased alongside an ascending support line since the start of 2023. While doing so, it reached a yearly high of $27.12.
However, the price has fallen since April 20 and is in the process of breaking down from the line. Since the line has been in place for 125 days, a breakdown from it would be a decisive bearish development.
The Relative Strength Index (RSI) gives a neutral reading. Traders utilize the RSI as a momentum indicator to assess whether a market is overbought or oversold, and to determine whether to accumulate or sell an asset.
If the RSI reading is above 50 and the trend is upward, bulls still have an advantage, but if the reading i
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Author: Valdrin Tahiri
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