#sol $SOL

Based on the Solana daily chart provided, here is the analysis:

Current Price Movement: The price is at $229.28, showing a minor increase of +0.94% in the last 24 hours. This suggests a slight recovery after a recent dip.

Key Moving Averages (MA):

MA(7): $236.04 – The price is trading below the 7-day moving average, indicating short-term bearish momentum.

MA(25): $231.64 – The price is also below the 25-day moving average, confirming a medium-term bearish trend.

MA(99): $171.14 – The 99-day MA is well below the current price, signifying that the long-term trend is still bullish.

Support and Resistance Levels:

Support: The recent low at $220.00 serves as a crucial short-term support. A break below this level could lead to further downside.

Resistance: The price faces immediate resistance at the MA(25) level near $231.64. Stronger resistance is seen at the MA(7) at $236.04.

Volume Analysis:

The volume for the last 24 hours is 5.28M SOL, reflecting decent trading activity. However, the higher sell percentage in the order book (71.72%) suggests stronger bearish pressure.

Recent Candlestick Behavior:

The recent candlestick shows a recovery from the support level of $220, forming a potential reversal pattern. However, the wick suggests hesitation in upward momentum.

Market Sentiment:

The 7-day performance shows a decline of -5.64%, while the 30-day performance remains positive at +39.11%, indicating volatility but with a predominantly bullish longer-term bias.

Conclusion:

The current price action suggests Solana is in a consolidation phase, with potential to test resistance at $231–$236. However, if the price fails to break above the 7-day MA and breaches $220, it may enter a deeper corrective phase. A bullish continuation requires stronger volume and a close above the $236 resistance level.