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Recently, the decline in the cryptocurrency market has put pressure on Solana 
$159 (SOL) prices. However, renowned analyst Raoul Pal indicated that SOL is in an oversold region and could show signs of recovery soon. Technical indicators and historical data suggest that Solana has potential for an upward trend in the upcoming period.
Technical Data and Market Analysis
Raoul Pal highlights that Solana has reached the two standard deviation threshold in its log regression channel. He also notes that SOL recorded its weakest Relative Strength Index (RSI) value since its lows in 2022. The RSI, which fell to 25.73 on February 26, indicates that the asset is in an oversold region, and similar past levels suggest Solana might recover again.
According to CoinMarketCap data, SOL’s price has increased by approximately 0.47% over the last 24 hours, trading at $137.16. Despite losing 21% of its value in recent weeks, Solana shows signs of recovery amidst market volatility.
Historical Trends and Expectations
Historically, Solana has recorded significant increases in March. In March 2021, it rose by 49%, in 2022 by 23.2%, and in 2023 by 60.8%. Based on past data, SOL has averaged a 32.4% increase in March and may exhibit a similar performance this year.
Regulatory developments also indicate a potential increase in interest towards Solana. Statements from the U.S. Securities and Exchange Commission (SEC) regarding certain regulations may reduce pressure on alternative digital currencies. Additionally, the evaluation of a related ETF application could be a factor that increases institutional investor interest.
Analysts indicate a high likelihood of Solana’s recovery based on historical trends and technical indicators. However, they emphasize that investors should remain cautious and pay attention to market fluctuations.
