The price of Solana's SoL (SoL) cryptocurrency has risen by an impressive 60% since the Spring Festival, in part because of the hot spots surrounding the Meme cryptocurrency Bonk. However, the Sol / dollar pair is showing signs of exhaustion, raising expectations that a short-term correction in tokens may occur in the coming days.

Saul became overbought.

Sol is one of the biggest losers in 2022 and has been one of the main cryptocurrencies to perform well in 2023.

On January 9th, after falling below $8 on December 29, 2022, Sol's price jumped to a high of $19.50, an increase of about 120%.

But soaring prices have turned Sol into overbought property, with a daily relative strength index (RSI) of more than 70, as shown below.

Traditional investors generally regard overbought RSI as a hidden sell signal, because the ancient history of this indicator has been overlapping with the stage of customer scarcity. As a result, Sol's price is likely to enter the pullback or shrinking sideways, so that the RSI returns below 70.

If that happens, the overall target for the next decline in the Solana dynamic password seems to be around the 50-day exponential moving average (EMA)-Red Wave-around $14.50.

In addition, continued sales are likely to bring gold prices close to the 20-day moving average-emerald waves-close to $13.35, or a 20% pullback.

Buy Saul's sale?

However, in the longer-term chart, Sol expects key innovations to occur, raising the common resistance level by about $17.50.

The level of $17.50 will help limit Sol's decline from April to July 2021. Therefore, if the resistance level succeeds in turning into a support line, it is likely to cause traders to re-establish a rising trading position to $25, a level similar to Sol's downward trend line friction resistance (gray and black).

Conversely, if you don't distort the resistance level of $17.50, it could push Sol back below $8, which is likely if you fully consider the negative equity fundamentals that surround the Solana ecosystem.