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Solana (SOL) Price Outlook: Potential 40% Decline Following Recent Rejection

June 28 (Cointime) - The Solana (SOL) price has dropped after failing to reclaim a crucial resistance level on June 22. Technical analysis using the daily time frame shows a decline in price since April 17, with a low of $12.80 on June 10.

The breach of the $17 support level, which had held since the beginning of the year, is significant. The weekly Relative Strength Index (RSI) indicates a bearish signal, with the RSI falling after being rejected by the 50 line.

The analysis of wave patterns suggests a continuation of downward movement, with a potential decline to $9.72 if the wave count is accurate. However, if the price moves above the low of wave one at $18.72, it would indicate a bullish trend.

Solana Solana $238.02
-5.28%
Solana
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