SOL Weekly RSI Divergence Bottom
Weekly RSI bullish divergence after an 80% drawdown signals SOL may begin trending higher sooner rather than requiring further capitulation
Too little corroboration in the last 3 days to call a trend (4 articles). Watching for it to gain traction. It's spreading across SOL & BTC — a theme crossing asset classes.
Still mostly niche and specialist coverage — not yet picked up broadly by mainstream press.
"Solana price rallied nearly 7% from its Aug. 7 low, breaking a five-week descending channel as proposed supply changes and institutional adoption renewed demand for SOL. Trading volume expanded during the breakout, while the bull-bear power indicator rose to 1.23. A positive reading indicates that buyers currently have more short-term control than sellers."
"SOL has just crossed a significant downward trendline, still with a higher-low pattern around key support. This formation implies that the bullish momentum is still in effect as the weekend approaches."
"Bitcoin (BTC) has formed a rare bullish Relative Strength Index (RSI) divergence on its weekly chart, a technical signal that previously preceded a rally of more than 700%. This creates a bullish divergence, a pattern that often signals fading bearish momentum and the potential for a trend reversal."
"Bluntz took a more constructive view, pointing to a weekly bullish divergence using the relative strength index (RSI) after an 80% drawdown—an arrangement that the trader said often appears near market lows. The implication is that SOL might start trending higher sooner rather than after further capitulation."