Technical analysis by paul_endeo about Symbol SOL on 2/27/2025

Solana has been on a wild ride since hitting its all-time high of $295.83 in January. The once high-flying altcoin has now fallen to levels not seen since October, triggering panic among traders. But here’s the twist—on-chain signals suggest a recovery could be closer than many think.RSI Signals an Oversold Market—Time for a Rebound?📉 Solana’s RSI just dropped below 30 for the first time since June 2023—a strong signal that the asset is oversold. Historically, when RSI enters this zone, a price reversal often follows as traders scoop up discounted tokens.📌 Why It Matters – When an asset reaches oversold territory, it means selling pressure may be running out. If buyers step in, SOL could stage a strong recovery.Market Sentiment at a Low—A Buying Opportunity?🔹 Crypto analyst Miles Deutscher calls this Solana’s “capitulation moment”—a period when panic-driven selling could mark the bottom.🔹 When weak hands sell off, stronger buyers often step in, driving a price recovery.Key Price Levels to Watch📌 Support: $136.62 – Holding this could trigger a rebound.📈 Resistance: $182.31 – A breakout here could push SOL above $200 to $222.14.📉 Bearish Scenario: If selling continues, SOL may fall to $120.72.The next few days are crucial—will buyers take control, or is more downside ahead?