Solana (SOL) price has undone half of the gains noted in the past week as it trades below the $200 psychological level.
Solana price has faced intense selling pressure around the $200 psychological level. Technicals hint at another 10% to 20% correction on the cards for SOL. Sidelined buyers could get a buying opportunity on the potential retest of $134. Solana price has undone half of the gains noted in the past week as it trades below the $200 psychological level. This bearish outlook could lead to further corrections over the weekend or the next week.
MRI's potential sell signal: The Momentum Reversal Index has flashed a yellow down arrow, which spawns on the eighth consecutive up candlestick. This development warnsthat the next up candlestick for SOL would flash a sell signal that forecasts a one-to-four down candlesticks. Considering the bullish market conditions, a reversal is unlikely, which suggests that SOL is in for a correction.
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