Based on the provided daily chart of Solana $SOL #sol

Price and Technical Levels

Current Price: $236.08

Down by -3.52% in the last 24 hours.

Key Moving Averages:

MA (7): $237.35

MA (25): $229.26

MA (99): $169.73

The price is trading slightly below MA (7), indicating potential short-term weakness. However, it is still above MA (25) and MA (99), suggesting the broader trend remains bullish.

Volume:

Daily volume shows a slight decline compared to previous trading sessions, indicating weaker buying or selling momentum.

Support and Resistance

Immediate Support:

Around $229 (near MA (25)). A break below this level could lead to further downside toward $221.80 (previous swing low).

Immediate Resistance:

At $245.40 (24-hour high). A breakout above this could trigger a test of the previous peak around $264.39.

Trend Analysis

The downtrend in the last few days indicates consolidation after a strong rally, with the price forming lower highs.

Volume decreasing suggests traders are cautious, waiting for a clearer direction.

Indicators to Monitor

RSI: Check for overbought or oversold conditions to confirm the strength of the trend.

MACD: To confirm momentum shifts or crossovers signaling entry/exit points.

Conclusion

Bullish Scenario: If SOL holds above $229 and breaks $245, it could regain bullish momentum and retest $260+.

Bearish Scenario: If the price breaks below $229 with volume, expect a decline toward $221 or lower.

Keep an eye on broader market conditions (e.g., Bitcoin's performance), as they heavily influence SOL's price action. Let me know if you’d like a deeper dive into specific indicators!