The RSI for SOL is 38.59, which places it near oversold territory but still within a bearish zone. The MACD histogram remains negative at -14.24, though there are signs of a slight improvement. If the price moves above the 9-day EMA, it could indicate a reversal, but if it continues downward, support at $120 will be tested.
Solana’s derivatives data shows declining trading activity, yet open interest has increased. This suggests that traders are holding their positions rather than exiting the market. While long positions remain strong, liquidation data indicates continued bearish pressure, making price movements unpredictable.