SOLUSD Oversold RSI means nothing. Needs this in order to rally.

Solana (SOLUSD) has recovered a considerable amount of yesterday’s losses. Rebounding after the 1D RSI broke below the 30.000 oversold barrier, this alone isn’t enough to sustain a rally. During the previous 2 times the RSI rebounded above the 30.000 oversold level failed to sustain the uptrend as the price got rejected on the 0.382 Fibonacci retracement level.

As a result, we ideally want to see a break above the 0.5 Fib level (22.00) before buying into the rally. The obvious short-term target is the 1D MA50 (blue trend-line). A break above the 1D MA200 (orange trend-line), which is unbroken since January 20, can make a trend shift long-term to bullish.

Tradingview link:

https://www.tradingview.com/chart/SOLUSD/rOXJwjNH-SOLUSD-Oversold-RSI-means-nothing-Needs-this-in-order-to-rally