The Solana (SOL) price created a short-term bullish pattern that could generate a relief rally. Despite this, the long-term readings remain bearish.
The Solana price has fallen since Nov. 2021, after it reached an all-time high price of $253.30. The SOL price bounced (green icon) at the $29 horizontal support area and traded above it for 140 days.
However, it broke down in the beginning of Nov. 2022. The breakdown led to a low of $12.07. It is possible that it was caused due to negative Solana news relating to the FTX implosion, which caused a similar decrease throughout the crypto market.
Currently, the Solana price is trading inside the $13 horizontal support area after bouncing slightly in the past 24 hours. Despite SOL being at support, technical indicators are bearish. This is especially visible in the weekly RSI, which has broken down from its bullish divergence trend line (green line).
However, it is worth mentioning…
