Solana (SOL) slipped below USD 90 on November 5, extending its bearish momentum as cryptocurrency markets faced renewed selling pressure. However, oversold technical indicators suggest a potential short-term recovery, provided buyers defend critical support levels.
Solana Price Drops 6.42% Amid Selling Pressure
TradingView’s Binance SOL/USDT daily chart showed Solana traded at USD 89.47 on November 5, declining 6.42% during the session after touching an intraday low of USD 88.76. The cryptocurrency opened at USD 95.60 and briefly reached USD 97.10 before sellers pushed prices lower.
At the press time, Solana trades at USD 89.19 with 6,99% decline in the past 24 hours. Compared with its September 27 peak of USD 124.62, SOL has declined approximately 28.2%, reflecting sustained bearish pressure. The decline follows repeated failures to reclaim resistance levels throughout October, including the psychologically important USD 100 threshold.
Oversold RSI Signals Possible Relief Rally
Solana’s daily Relative Strength Index (RSI) declined to 28.89, below its moving average of 33.10. An RSI below 30 typically indicates oversold conditions, suggesting selling momentum may be stretched. However, oversold readings do not guarantee an immediate recovery.
The Aroon indicator reinforced bearish conditions, with its declining-trend component reaching 100 while the rising-trend component remained at zero. Trader XO questioned attempts to trade against the prevailing weakness, stating, “Why fight the trend.”
SOL Faces Resistance Between USD 93 and USD 100
According to trader RED’s technical assessment, Solana must reclaim USD 92.50-USD 93 before challenging resistance around USD 95 and USD 97-USD 98. “Until SOL breaks above USD 98 and holds, I’m treating this as a recovery rather than a confirmed trend reversal,” RED stated.
A sustained move above USD 98 could open the path toward USD 100, requiring approximately 9.5% appreciation from USD 89.47. CoinGlass liquidation data also identified concentrated leveraged positions around USD 92-USD 97 and USD 99-USD 101.
Weekly Support Near USD 84 Remains Critical
Solana’s weekly Supertrend support stood at USD 84.39, approximately 5.7% below its latest reported price. A decisive weekly breakdown beneath this level could expose the USD 75-USD 80 consolidation region. Meanwhile, weekly RSI measured 45.17, indicating weakening momentum.
Although oversold daily conditions could support a temporary rebound, recovering USD 98 remains essential before traders can consider a stronger bullish reversal.
Also Read: Solana Block Time vs Transaction Throughput: What Developers and Users Should Know
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