Solana (SOL) don drop to $60 as RSI hit extreme oversold and liquidations surge
Solana (SOL) don drop go around $60, the lowest level for nearly three years, as plenty bearish signs dey form. New report talk say SOL monthly RSI don deep pass wetin dem see during 2022 FTX crash, plus e don get eight monthly red candles one after another—show say down momentum still dey strong.
For flow and market structure, the selloff dey linked to heavy liquidation pressure for both spot and derivatives, wey dey tire people risk appetite. Article still point to one dense on-chain supply range where coins change hands between $76 and $83, fit turn to fresh selling wall if SOL bounce back.
Traders dem dey advised make dem watch support levels under SOL: $53 first, then $35, with $24 as deeper zone. Even though oversold condition fit bring short-term relief bounce, the strong liquidation activity and overhead supply make near-term risk for SOL remain high.
Bearish
Both summaries dey talk say SOL don enter extreme oversold conditions (monthly RSI, consecutive red months) but dem stress say e never mean sey trading setup don safe yet. Liquidation-driven pressure for spot and futures dey show say forced selling still dey dominate. Plus, the on-chain supply band for $76–$83 create clear overhead resistance/selling wall we fit cap rebounds and make consolidation extend or push price lower.
So for traders, near-term bias remain bearish despite oversold readings: watch for failed bounces for the supply zone and price reaction around $53, then $35 and $24 if support break. Relief rally fit happen, but the articles frame am as conditional on SOL to reclaim key resistance, not as confirmed trend reversal.