Review of yesterday's price trend of $SOL !
Yesterday, the price of SOL started to rise sharply from 200 points, all the way to about 227 points, but it lost momentum as it rose, and the trading volume could not keep up, which means that the market may be in chaos for a while.
From the 4-hour chart, the price is about to touch the MA30 line (about 233 points), and the pressure on it is very high.
Although the MACD indicator has a buy signal, the momentum is getting weaker and weaker, indicating that the buyer's power is almost exhausted.
The RSI indicator has also returned to the normal area (about 50 points) from the ultra-low price area, but the rebound is not very good.
How will the price of SOL go today?
According to yesterday's rising momentum and technical indicators, the price of SOL may have two trends today:
First, it may fall in the short term, and the price may be suppressed between 227-233 points, and then pull back. The focus below is to see whether 220-215 points can hold up.
Second, if the hurdle of 233 points cannot be overcome, it may fluctuate back and forth between 200-233 points.
On the moving average system, the two lines MA7 and MA30 form a downward trend, and it is a bit difficult to rise in the short term.
The MA100 line (about 240 points) is a farther resistance level.
In terms of Bollinger Bands, the price is now hovering near the middle line. If it cannot stand up (233 points), it may fall to the lower line (about 215-220 points).
In terms of trading volume, everyone was very cautious yesterday, and the trading volume did not increase much, indicating that the rebound is just so-so.
If you are short:
Enter the market between 230-233 points, make a profit when the price falls to 220 points, and make another profit when it falls to 215 points. If it rises to more than 235 points, then withdraw quickly.
If you are long:
Enter the market between 215-220 points, make a profit when the price rises to 225 points, and make another profit when it rises to 230 points. If it falls below 210 points, withdraw immediately.
Today, the price of SOL may fluctuate back and forth, and there are more bearish short-term trends, but the 215-220 point area is quite durable, so you have to keep an eye on the situation in this area.
In terms of operation, short selling is the main method, and long selling is the auxiliary method. Don't forget to control risks and don't follow the trend blindly.
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