$SOL 1D chart Detailed Analysis :

Hello everyone,

Here’s a detailed 1D chart analysis of the SOL market:

Past Data:

- July 23: SOL created support at 170.350 while in a bullish momentum.

- August 1: The support level of 170.350 was broken, and SOL entered a bearish momentum.

Current Resistance & Support Levels:

- Resistance: 163.712

- Support: 109.162

Current Sentiment:

- On August 1, SOL entered bearish momentum while trading at 167.294. Following this, it dropped to 109.162 on August 5, creating a new support level at that point.

- After this drop, SOL experienced a reversal trend, establishing a resistance level at 163.712.

- Currently, SOL is trading within a sideways trend, fluctuating between the resistance and support levels.

Market Movement:

- Since entering bearish momentum, SOL has seen a significant drop of -34.75%, with a current decrease of -18.35% from its recent peak.

- Given the current trend, SOL may continue to decline, potentially dropping below $100.

Trading Strategy:

- If you hold SOL, you might consider selling . Because SOL maintains the Bearish momentum.

- Consider re-entering the market if SOL breaks above the 163.712 resistance or if it drops to a favorable dip.

DYOR (Do Your Own Research):

This analysis is based on my personal perspective. Please use this information as a reference for your investments and conduct your own research before making any trading decisions. Don't rely solely on this analysis.

SOL is currently trading at 137.4$

Thank you

Author : @KingofBTC2024 (BinanceXTG)