☀️Solana in Decisive Zone: Recovery in Sight or New Drop on the Way? 💹
General Trend👾
• Current Price: 198.92 USDT (+2.05%), showing slight recovery in the last 24 hours.
• Moving Averages (MA):
• 7MA: 198.88 (price is very close, indicating a short-term equilibrium zone).
• 25MA: 199.12 (price below this average, signaling resistance in the medium term).
• 99MA: 199.67 (price below, maintaining a bearish bias in the long term).
Volumes⚠️
• The daily volume of 775,477 is moderate, without showing significant strength of breakout or rejection in relation to resistances and supports.
Relevant Levels 💎
• Local Resistance: 199.12 (25MM), with 205.00 being a more significant barrier on the chart.
• Local Support: 196.21, where the price recently found support.
Technical Interpretation 😛
1. Consolidation: The price appears to be sideways near the moving averages, with low volatility and traders' indecision.
2. Moving Averages: Although the price is touching the 7MM, it has not managed to break through it clearly, which may indicate a lack of buying power in the short term.
3. Reversal Candlesticks: There are candlesticks with upper and lower shadows, showing resistance and support at nearby levels.
Possible Scenarios 😏
• Bullish: Breaking the 199.12 resistance, the price may test the psychological level of 200 and, later, 205.00. • Bearish: If the support at 196.21 is lost, the price may seek new lows near 194.00.
🎯Do you believe that Solana is forming a solid base for recovery or will it still face more selling pressure?🤔🤨
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