SOL Tests Key Support Level, Could the FOMO Be Coming to an End?

• Santiment revealed that SOL was fast to get well to above $71 following the most recent market crash.
• In an X publish, the analytics platform shared that there’s a excessive stage of FOMO surrounding current and upcoming airdrops on Solana.
• Technical indicators on SOL’s chart recommended that its value could drop to $60 within the subsequent 24-48 hours.

The blockchain analytics platform Santiment revealed in an X publish earlier immediately that the altcoin market recovered shortly after the most recent market-wide selloff. Solana (SOL) stood out from the pack and was capable of rise again above the $71 mark. In line with the publish, SOL is gaining shortly in comparison with the vast majority of altcoins.

Regardless of SOL’s present power, Santiment recommended that the constructive sentiment surrounding the venture wants to chill down a bit earlier than the altcoin can expertise “a critical run”. In one other publish, the platform speculated that there could also be a level of FOMO surrounding not too long ago hyped airdrops on Solana.

At press time, SOL was one of many handful of cryptocurrencies that managed to file a achieve previously 24 hours. Knowledge from the cryptocurrency market monitoring web site CoinMarketCap indicated that SOL was up 1.16%. Subsequently, the altcoin was buying and selling fingers at $70.34. 

This newest enhance in value added to SOL’s constructive weekly streak as properly. Because of this, the altcoin’s weekly efficiency stood at +16.77%.

SOL was testing the important thing assist stage at $70 at press time. A drop under this stage may result in the altcoin’s worth falling to round $60. This is identical value level because the decrease stage of a medium-term constructive value channel that has fashioned on the altcoin’s every day chart. Ought to SOL break under this channel, it could possibly be susceptible to testing the subsequent key assist at $49.65.

This bearish thesis could also be invalidated if SOL is ready to shut the subsequent two every day candles above $70. On this extra bullish situation, the cryptocurrency may enter right into a bullish transfer, doubtlessly resulting in SOL rising to $100.

Technical indicators recommended that SOL’s value drop is just not over but. Each the Shifting Common Convergence Divergence (MACD) and the Relative Power Index (RSI) indicators recommended that SOL may drop within the subsequent 48 hours.

The RSI line crossed under the RSI Easy Shifting Common (SMA) line over the previous 48 hours. It is a vital bearish technical flag which signifies that sellers have gained the higher hand towards consumers. Along with this, the MACD line was breaking down in direction of the MACD Sign line. These two strains crossing may sign a continuation of the bearish pattern.