Especially for the subscriber @Faustina Ballin ZldG I'm analyzing the coin #SOL 🔥🔥🔥
Based on the daily SOL chart, the following conclusions can be made:
Trend: The price is in the consolidation zone after a strong decline. Several attempts to rebound from the support level around $117-120 are visible, which may signal a possible reversal or continuation of consolidation.
Bollinger Bands indicator: Bollinger Bands are showing a narrowing, indicating a decrease in volatility. The current price is between the middle and upper band, indicating a possible move higher if the resistance level is broken.
MFI (Money Flow Index): The MFI value of 41.56 is in the neutral zone, which means that the asset is neither overbought nor oversold. However, with further growth, the MFI may give a buy signal.
Trading Volumes: Trading volumes have increased by 26% over the last 24 hours, amounting to $2,187,425,281. An increase in trading volumes may indicate increased interest in the asset and the possibility of more significant market moves approaching.
The current situation suggests a possible rebound upwards, but a breakthrough of key resistance levels is needed to confirm the upward trend. I also have this coin in my portfolio and I will be happy to watch its growth!