How long before Solana’s [SOL] long-term downtrend snaps

ambcrypto.com:

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

Bitcoin [BTC] has significantly dropped in price in recent weeks. It faced resistance on the charts at $21.7k and $23k, and the next few weeks might not see a recovery for the king of crypto. In the wake of a fearful market and weak BTC, most altcoins have also lost a lot of value in the market. Solana [SOL] was one of the coins whose downtrend remained unbroken. Yet, the buyers have been able to push prices upward over the past three weeks. Can they continue to exert more pressure?

Source: SOL/USDT on TradingView

After the mid-March rally, the price has made a series of lower highs and lower lows from April. It was the same as it was from November to March when a strong downtrend brought Solana down from $250 to $80.

The $80 mark looked far, far away for SOL as things stood. The price continued to be in a downtrend, but the buyers were able to force the formation of a higher low at $32 earlier this month. It approached the $37 resistance with some intent, but the bulls still have a lot of work to do.

The $43-$45 area posed stubborn resistance in recent weeks, and the $50 level remained unchallenged since late May. Long-term investors would prefer to wait and watch rather than buy, as another move lower can materialize in a few weeks.

Source: SOL/USDT on TradingView

The Relative Strength Index (RSI) on the daily chart remained below the neutral 50 mark. This signaled the presence of bearish pressure. However, it was attempting to make a move past neutral 50. A push above 55 would be encouraging for the bulls and could be an early indication of a move upward.

The On-Balance Volume (OBV) saw a