Solana (SOL) Evening Market Analysis and Forecast

As of 21:20 on November 17, 2024, the latest price of SOL is $231.71, and the fluctuation range in the past 24 hours is $225 to $235. The market sentiment is still optimistic. The 24-hour trading volume exceeded $12 billion, indicating that the attention of funds continues to increase.

Technical analysis and key points

1. Support and resistance

• Support: $225. This price has been supported by buying orders many times recently. If it falls below, it may fall back to $220.

• Resistance: $235. This range faces short-term profit-taking selling pressure. If it breaks through, the upper pressure level is $240.

2. Technical indicators

• RSI (Relative Strength Index): Currently close to 70, it is on the verge of overbought and may face certain adjustment pressure in the short term.

• MACD (Making Average Convergence Difference): Still shows a bullish pattern, but the upward momentum has weakened slightly.

Short-term contract strategy: T+0 high-frequency operation

Long strategy

1. Entry point: Enter the market when the price pulls back to around $225 and stabilizes.

2. Stop loss point: Set below $220 to control downside risk.

3. Target point: The first target is $230, and look to $235 after breaking through.

Short strategy

1. Entry point: Try to short when the price touches above $235 and the momentum weakens.

2. Stop loss point: Set above $242 to prevent false breakthroughs.

3. Target point: The first target is $230, and further downward exploration will see $225.

Market sentiment and risk warning

Currently, Solana's on-chain activities and decentralized financial applications continue to grow, providing support for long-term value, but the short-term excessively high RSI value indicates that the market may have a need for a callback. In addition, further optimization of the mainnet performance will have a positive impact on future price trends .

"SOL has become the focus of the market with its low cost and high efficiency. This is not only a competition of capital, but also a dance of technology and trust. Seizing every opportunity of market correction and leaving room for possible risks is the real way to win." $SOL