Solana rallies 16% after SOL RSI drops to 2023 low: Was that the bottom? – BitRss

Solana (SOL ($140.59)) price dropped to a 2025 low at $125 on Feb. 28. However, the altcoin entered a 16% relief rally after the Chicago Mercantile Exchange (CME) announced the launch of Solana futures on March 17. The futures product now awaits regulatory approval from the Commodity Futures Trading Commission (CFTC).

🚨 NEW ($0.01): CME Group to launch Solana futures on March 17, pending regulatory review by the CFTC. pic.twitter.com/sGJDXxgDQr

— Cointelegraph (@Cointelegraph) February 28, 2025

Solana bears fail to pin SOL under $130

Since Feb. 24, Solana has formed a series of lower lows leading up to its yearly low at $125 on Friday. During this period, a clear bullish divergence formed between the price and relative strength index (RSI).

Solana 4-hour chart. Source: Cointelegraph/TradingView

As illustrated in the chart, the rally on the 4-hour chart took place at the back of these bullish divergences. The bullish signal led to BTC ($85,264.28)’s swing pattern failure on the 1-day chart.

A swing pattern failure is a t…