Technical Analysis 𝗦𝗼𝗹𝗮𝗻𝗮 $SOL
1. Recent Significant Uptrend: Solana has gained 35.04% over the past month, reaching a high of $262.48. This shows strong bullish momentum.
2. Key Support: The price at $155.37 seems to be a key support where the price initially bounced.
3. Resistance: After reaching the high at $262.48, the price corrected and returned to around $224.4, which could indicate profit-taking.
4. Current Correction: The chart shows several corrections after peaks, indicating that the market is in a consolidation or breathing phase.
Future Prediction
Bullish Scenario: If the price bounces off a major support level (e.g. $200), it could attract more buyers and push the price to retest previous highs or even make new highs.
Bearish Scenario: If the price falls below $200, it could signal weak momentum and lead to a decline towards $155.37 or lower.
Indicators to Watch
Trading Volume: Increasing volume during rallies confirms strong momentum.
RSI/MACD (not visible here): These indicators would help confirm whether the market is overbought or in a reversal phase.