Let's look at the 4-hour chart of SOL/USDC. The price at the time of analysis is 182.3 USDC. Technical analysis:
1. Moving averages:
- AND 7: 180.7110
- MA 25: 184.2097
- MA 99: 172.4762
2. Bollinger Bands: Price moves within the bands, with moderate volatility. The bands are relatively stable - no extreme price movements are expected in the near term.
3. Volume profile: There is a strong support zone in the area of 180-184.
4. Parabolic SAR: The SAR values are around 187.1995 which indicates a bullish trend as the SAR points are below the current price.
5. Stochastic RSI: at the levels of 22.90 and 12.26 - the asset is leaving the oversold zone, which can be a bullish signal.
6. The MACD line is at 0.8480 and the signal line is at -0.0477, indicating a possible bullish crossover in the near future.
Summary:
1. Bullish indicators:
The price is above the short-term and medium-term moving averages.
Approaching the upper Bollinger band with bullish signals from the stochastic RSI and MACD.
The presence of Parabolic SAR points below the price further confirms the bullish trend.
2. Bearish:
Resistance levels on the upper Bollinger Band and Parabolic SAR should be monitored for possible pullbacks.
If the price fails to hold above the immediate support, it could lead to a deeper correction.
Possible Strategies
1. Bulls:
- Entering a long position during rollbacks to support levels (176.57 or 172.47) with a target near resistance levels (184.31 and 187.19).
2. Bearish:
- If the price fails to hold at the immediate support at 176.57, a short-term bearish position could be considered, targeting the next support at 172.47.
Disclaimer: Always do your own research before making decisions.
