Solana

Be One

Resistance

Rekt

<p>Solana (SOL) has reached a critical technical level around $42-$47, according to analyst Rekt Capital. This area marked both a breakdown in mid-2021 and failed support in 2022. Now SOL is coming up on it again, posing the question – will history repeat itself with more downside?</p>
<p>Looking at Rekt Capital’s chart, we <a href="https://twitter.com/rektcapital/status/1722580523460018226" target="_blank" rel="noopener noreferrer nofollow">can see</a> Solana first reached this price zone in mid-2021. After initially breaking down, SOL retested this area after 3 months before breaking out. This kickstarted a major 4-month bull run.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="726" src="https://captainaltcoin.com/wp-content/uploads/2023/11/image-201-1024x726.png" alt="" class="wp-image-373632" srcset="https://captainaltcoin.com/wp-content/uploads/2023/11/image-201-1024x726.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-201-300x213.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-201-767x544.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-201-1536x1089.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-201-2048x1452.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-201-140x100.png 140w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-201-212x150.png 212w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-201-100x71.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-201-494x350.png 494w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-201-788x558.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-201.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>When SOL returned to this $42-$47 zone again in 2022, it was unable to hold as support. Price proceeded to downtrend for months afterwards. With SOL once again approaching its historical resistance, the risk is high for a potential rejection and price correction.</p>
<h2 class="wp-block-heading" id="signs-of-struggle-emerge">Signs of Struggle Emerge</h2>
<p>Evidence is mounting that SOL may struggle at this zone. The Relative Strength Index (RSI), a momentum oscillator indicator, shows some concerning overbought signals for SOL. On the daily timeframe, SOL’s RSI is currently at 82. Readings above 70 are considered overbought, indicating the rally may be overextended. Additionally, on the weekly chart the RSI is elevated at 77. SOL is becoming stretched on the longer-term timeframe as well.</p>
<p>RSI values this high suggest SOL is rallying too far too fast. The oscillator’s overbought conditions on both the daily and weekly charts point to fatigue setting in. This momentum divergence could foreshadow a price correction as SOL nears historical resistance around $47.</p>
<h2 class="wp-block-heading" id="history-provides-blueprint">History Provides Blueprint</h2>
<p>If past price action repeats itself, SOL may see a failed breakout at $47, followed by a retracement back below $30 before gathering strength for another push upwards. The historical significance of this zone means it may take multiple retests before SOL can overcome resistance.</p>
<p>Read also:</p>
<ul>
 <li><a href="https://captainaltcoin.com/ripple-xrp-poised-for-more-upside-analyst-says-this-level-is-the-time-to-be-a-buyer/" target="_blank" rel="noopener noreferrer nofollow">Ripple (XRP) Poised for More Upside, Analyst Says This Level Is the Time To Be a Buyer</a></li>
 <li><a href="https://captainaltcoin.com/this-token-could-be-one-of-the-biggest-gainers-in-2024-learn-why-everyones-investing-in-meme-kombat-mk/" target="_blank" rel="noopener noreferrer nofollow">This Token Could Be One Of The Biggest Gainers in 2024 – Learn Why Everyone’s Investing in Meme Kombat (MK)</a></li>
 <li><a href="https://captainaltcoin.com/which-cryptos-are-likely-to-rise-due-to-upbit-conference/" target="_blank" rel="noopener noreferrer nofollow">Which Cryptos Are ‘Likely’ To Rise Due to Upbit Conference?</a></li>
</ul>
<p>While Solana shows long-term promise, its battle with previous support turned resistance suggests the path forward may be rocky. Bulls will want to see SOL decisively break above $47 to signal the downtrend is truly over. If history repeats itself, SOL could have more downside to come in the interim.</p>
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style="">
 <div class="col_wrap_two mb0">
  <div class="offerbox_big_wrap flowhidden">
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/etoro-ca-1-oyc386si1bdrmhrff7xex5ngu4zikfy3ei6bk0rbb6.png" width="500" alt="We recommend eToro" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a>
   </div>
   <div class="product-summary col_item mobileblockdisplay">
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-etoro-target-_blank-rel-noopener-noreferrer-nofollow-span-we-recommend-etoro-span-a"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <span>We recommend eToro</span> </a></h3>
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20"><strong>74% of retail CFD accounts lose money.</strong>
    </div>
    <div class="buttons_col mb25 rh_big_btn_inline">
     <div class="priced_block clearfix">
      <div><a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> Visit eToro Now </a>
      </div>
     </div>
    </div>
    <div class="bigofferdesc"><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Active user community and social features like news feeds, chats for specific coins available for trading. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Copy trading: allows users to copy the trades of leading traders, for free. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
    </div>
   </div>
  </div>
 </div>
</div>
<p>The post <a href="https://captainaltcoin.com/will-history-repeat-as-solana-sol-faces-tough-resistance-again/" rel="noopener noreferrer nofollow">Will History Repeat as Solana (SOL) Faces Tough Resistance Again?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Will History Repeat as Solana (SOL) Faces Tough Resistance Again?

Table of Contents

CaptainAltcoin

Other articles published on Nov 9, 2023

US lawmakers want to ban Tether and Chinese crypto firms

Cathay Securities debuts Taiwan’s first security token offering platform

FTT Price Surges 60% Amid Rumors Of FTX Exchange Relaunch?

Spain's CNMV Investigates Crypto Promotion Violations by Miolos S.L

Dogecoin Rally Begins, Will DOGE Price Jump 10x To Reach $1?

Blofin Enables Buy Crypto Function via Simplex Gateway

Join our free newsletter for daily crypto updates!