Based on the daily candlestick chart (1D) $SOL
Position of Price Relative to Moving Averages (MA):
The current price of $SOL ($238.85) is below MA(7) ($244.31) but above MA(25) ($221.08). This indicates short-term bearish pressure but a medium-term bullish trend.
MA(99) ($167.12) is significantly below the current price, showing that the overall trend remains bullish.
Latest Candle:
The candle shows rejection near the previous resistance area (around $245.28), as indicated by the long upper wick. This suggests selling pressure at that level.
However, the candle body is relatively small, indicating uncertainty or consolidation.
Volume:
Trading volume is relatively lower compared to previous price increases, signaling potential weakening momentum.
Support and Resistance:
Nearest resistance: $245.28.
Nearest support: $227.43 (previous candle low) and $221 (MA25).
Potential Movement:
Bullish Scenario: If the price can break above MA(7) and the $245 resistance, there is potential for a rise towards $260.
Bearish Scenario: If the price falls below $227, it might test the support at MA(25) around $221.
Recommendations:
For long positions, wait for a confirmed breakout above $245 with strong volume.
For short positions, watch for a drop below $227 targeting $221.
Additionally, consider using other indicators such as RSI or MACD to strengthen your decision-making process.
