Solana price continues to see elevated selling pressure as the sentiment in the crypto industry worsens. Crucial SOL bullish predictions have slipped as the coin has formed several risky chart patterns. So, will it bounce back on January 9 or will the downtrend continue?
Solana Price Support and Resistance Levels
The outlook for the SOL price continues to darken today. It has dropped below the 50-day moving average and formed the risky three black crows candlestick pattern. This pattern is made up of three consecutive bearish candlesticks and is often a risky sign.
Also, the Relative Strength Index (RSI) has slipped below the neutral point at 50 and is pointing downwards. Therefore, the outlook for the Solana price is bearish, with the potential target being at $175, the lowest swing on December 20.
On the positive side, SOL price token sits at the major S/R pivot point of the Murrey Math Lines indicator. In many instances, this level often provides some substantial support for an asset. It is also notable because it coincides with the small ascending trendline that links the lowest points since December 20. That is a sign that the coin may find some buyers at this level. If that happens, the Solana price may rebound to the top of the trading range at $203.
Therefore, Solana’s first support level is at $175.83, followed by the Strong, Pivot Reverse at $156. Its first resistance is at the psychological point at $200, followed by the strong pivot reverse level at $220.
Solana Price Chart
SOL Odds Of Hitting $210 Are Falling
Crypto traders have turned highly bearish on Solana. According to Polymarket, the odds of Solana price rising to $215 by January 10 have fallen to a record low of 2%. This is a big drop since these odds stood at over 70% a few days ago.
Solana Price Odds
Solana’s recent downtrend trend is happening because of the ongoing Bitcoin sell-off and the change in sentiment among traders. Bitcoin price has crashed below $95,000, while the crypto fear and greed index has moved from the greed zone of 65 to the neutral point of 55.
This sell-off is mostly because of the rising bond yields as hopes of more rate cuts fade. Minutes released this week showed that officials are concerned about inflation. They now expect to cut rates two times this year.
In the future, however, Solana price has more catalysts that could push it higher. Odds of a SOL ETF approval have risen, while its fees and network activity have continued soaring this year.
The post Solana (SOL) Price Analysis for Today, 9 January 2025 appeared first on CoinGape.
