#solana
Here is the analysis of Solana (SOL/USDT) based on the provided daily chart:
Price Overview
Current Price: $228.19
Down by -3.29% in the last 24 hours.
Key Technical Levels
Moving Averages:
MA (7): $236.59 (Price is below this, indicating short-term bearish pressure).
MA (25): $230.56 (Price is also below this, signaling mid-term weakness).
MA (99): $170.44 (Price remains well above this, keeping the long-term trend bullish).
Support Levels:
Immediate support lies at $221.80, the recent swing low.
A breakdown below this level could trigger further downside toward $195.44.
Resistance Levels:
Immediate resistance is at $230.56 (near MA 25).
Further resistance at $236.59 (MA 7). A break above these levels would signal bullish recovery.
Trend and Momentum
The chart shows increased bearish momentum, with the price now breaking below the MA (25).
Volume has slightly increased compared to previous sessions, indicating stronger selling pressure.
Indicators to Monitor
RSI: Likely trending toward oversold conditions, which may indicate potential reversal zones.
Volume: Watch for any unusual spikes, which might signal stronger market conviction.
Conclusion
Bearish Scenario: If the price fails to hold above $221.80, the next potential target is around $195.
Bullish Scenario: A breakout above $230.56 could lead to a recovery toward $236 or higher.
Let me know if you'd like additional insights or indicator-based analysis!