1. Daily Line Analysis
As of September 29, the price of SOL was $155.7. From the daily chart, SOL has closed positive for many consecutive days, reaching a high of $161.3 recently, but fell back near the pressure level and is currently fluctuating around $155. From the moving average, the price is running above MA5 ($154.65) and MA10 ($151.12), and the short-term upward trend remains strong. MA30 ($138.97) is far away from the current price, indicating that the market is still dominated by bulls in the short term.
The MACD indicator shows that the fast DIF continues to run above the slow DEA, and the red kinetic energy column maintains a large volume, indicating that the upward momentum at the daily level still exists and the overall trend is still bullish. However, it should be noted that the $161 area above is an important resistance level. If it cannot be broken through, the price may be at risk of further correction.
Daily operation suggestions: It is recommended to arrange long orders with light positions in the 150-154 USD area, with the target of 160 USD and above. After breaking through the 161 USD resistance level, it is expected to test the higher target of 170 USD. If the price falls below the 150 USD support, it is necessary to consider stop loss and exit, waiting for a more stable entry opportunity.
2. Four-hour line analysis
The four-hour chart shows that SOL fell back after hitting $161 and is currently in the $155-156 area for short-term consolidation. In the short term, the price is running above MA5 and MA10, and the red momentum column in the MACD indicator is gradually shortening, indicating that the upward momentum has weakened and there may be a small correction demand.
At present, $155 is an important short-term support level. If this level can stabilize, SOL is expected to challenge the $160 area again. If it fails to hold $155, it may further pull back to $150 to find support.
Four-hour operation suggestion: It is recommended to go long with a light position in the 155-156 US dollar area, with a target of 160-161 US dollars. If the price falls below 155 US dollars, consider looking for new entry opportunities around 150 US dollars. At that time, you can consider laying out long orders in the medium term.
3. One-hour line analysis
From the one-hour chart, SOL showed a sideways fluctuation pattern in the short term, and the price was repeatedly consolidated in the $156 area. Currently, MA5, MA10, and MA30 showed a bullish arrangement, but the price was close to the pressure level. The momentum column in the MACD indicator has shrunk, indicating that the upward momentum has weakened in the short term.
In the short term, SOL's upward pressure is in the $158-160 area, and the downward support is in the $154-155 area. If the price breaks through $160, it is expected to usher in a further upward trend. If it falls below the $154 support, it may fall back to $150 in the short term.
One-hour operation suggestion: Short-term investors can look for low-level buying opportunities in the 154-155 USD area, with a target of 158-160 USD. If the price falls below 154 USD, short-term stop loss will be taken out, waiting for another layout opportunity near 150 USD.
Summarize
SOL is currently at a critical node in the upward channel. In the short term, we need to focus on the support level of $155 and the resistance level of $160. If it can effectively break through $160, SOL is expected to further open up room for growth, with the target of $170. If it fails to break through, or falls below the support of $155, it may face certain callback risks in the short term. In terms of operation, it is recommended that conservative investors have a light position layout and pay close attention to the changes in key support and resistance.
