The price of Solana (SOL) has fallen since it failed to break through a long-term resistance level. The price action is positive in the short term, but the RSI is negative. The resistance line is currently intersecting with the $26 resistance level, highlighting its significance. The weekly Relative Strength Index (RSI) is sending conflicting signals, indicating that bulls still have the upper hand, while levels below 50 indicate the opposite. Since April 16, the SOL price has been trading inside a falling wedge, which is a bullish pattern.
On May 11, the price bounced, verifying the wedge’s support line, the 0.618 Fib retracement support level, and the $20 horizontal support area.The RSI cannot predict whether or not the price will break out, but a breakout might take the price to $23.50, while a breakdown could result in a drop to $16.50.
