SOL traded near USD 89.20 on Sunday, down roughly 1% over 24 hours, according to market data. It remained close to its 200-day simple moving average of USD 89.07. The token also traded below its 20-day and 50-day averages of USD 97.48 and USD 107.35, respectively.
Meanwhile, CoinMarketCap recorded SOL at USD 95.49 on November 4 before its closing price fell to USD 89.14 on November 5. The decline preceded the latest ETF withdrawals.
Daily technical readings on November 8 showed a relative strength index (RSI) near 29.7, below the oversold threshold of 30. The MACD indicator also remained negative at approximately -4.67, showing continued selling pressure.
Furthermore, the lower Bollinger Band stood near USD 86.07 while immediate support appeared around USD 88.47. A decline below that level could expose the USD 84.86 area. Conversely, resistance stood near USD 90.95, followed by USD 93.04.
Market analyst Jesse Olson also expressed doubts about the selling pressure easing. On November 6, he wrote that "SOL remains ultra bearish aka oversold on the daily chart." He added that the token had fallen below his third downside target, raising concerns about another decline.
