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SOL consolidates near local highs – is a reversal imminent?

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Solana [SOL] continued consolidating near local highs, showing buyers aren’t exiting just yet. Despite last week’s network outage, SOL didn’t drop below the support; a retest could offer ideal buying opportunities.

Read Solana;s [SOL] Price Prediction 2023-24Source: SOL/USDT on TradingView The daily chart showed that the Relative Strength Index (RSI) sliding below the 50-mark, which signified a bearish sentiment at press time.

Similarly, the OBV (On Balance Volume) declined gently, indicating limited buying pressure, which could further tip the scale in favor of the bears.

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