SOL technical indicators are showing warning signs: RSI has broken below 30, will the support at 127 dollars hold?

Question

[Coin World] Observing the recent 4-hour trend of SOL, some noteworthy signals have been found.

In terms of price dynamics, there was a significant increase compared to midnight on December 1st, but it has dropped considerably compared to noon on November 30th. The last large bearish candle is quite striking, closing directly below the opening price. Trading volume? It has shrunk in sync. Price dropping with decreasing volume is a typical sign of a quiet market, indicating a clear lack of participation willingness.

How does the technical aspect look? The MACD hasn't given a clear direction, but the histogram keeps extending longer in the negative area—bears are quite rampant. As for the KDJ, there haven't been any classic signals like golden crosses or death crosses, but the value is only 17, which is already deeply oversold. The RSI is even more exaggerated, breaking below 30, theoretically, a rebound window could open at any time.

Let's sort out the key points: Support is at the integer level of 127.0, with a low of 126.97 reached, basically at this position. Resistance is near 143.0, with a historical high of 143.99.

If you want to operate, you can consider placing long orders in the range of 126.97-127.0, with a stop loss set below 126.34. The target is aimed at the area around 143.0-143.99, and for those who are more aggressive, they can take profit near 144. For short orders, conversely, if it breaks above 144.71, withdraw, and look to see if it can pull back to around 127.

At the current position, it is technically oversold, but the volume is not keeping up, so we need to guard against a false drop. Waiting for a volume signal would be more prudent.

TestnetNomad · Accepted Answer

If 127 can&#39;t hold, it will directly break the bottom, this wave of short positions is really fierce...

MetaNomad · Answer

It&#39;s a bit tragic for SOL this time, the RSI has fallen below 30... it&#39;s really uncertain whether it can hold at 127.

MysteriousZhang · Answer

If 127 can hold, there is still room for a Rebound, but I&#39;m afraid a single bearish belt hold will break the position directly, which would be awkward.

consensus_whisperer · Answer

It&#39;s good enough if 127 can hold. That said, this wave of dumping is a bit harsh... With such weak volume, do you still expect a rebound? It&#39;s highly likely we have to explore the bottom again.

NewPumpamentals · Answer

Can 127 hold? It feels a bit precarious...

LightningAllInHero · Answer

Is SOL going to fall below 127 again? This rhythm is really crazy; every time they say the rebound window is open, but it continues to plummet.