Here is the detailed Solana (SOL/USDT) chart analysis
1. Current Price and Variation
Current Solana price: 177.88 USDT, up +6.26% in the last 24 hours.
The graph shows significant movement in recent weeks, indicating a resumption of growth.
Maximum in the last 24 hours: 178.70 USDT, and minimum of 170.00 USDT.
2. Trading Volume
24h Volume (SOL): 3.88 million SOL, and USDT: 677.14 million. This demonstrates significant trading volume, which reinforces Solana’s current price action and liquidity.
3. Technical Indicators
Stoch RSI (21, 9, 3, 3): The Stoch RSI is at 84.72 (orange) and 72.83 (blue), which indicates that Solana is in the overbought zone. This suggests that the asset may be approaching an exhaustion point and a short-term correction may occur.
MACD (12, 26, 9): The MACD and signal lines are very close, suggesting a transition phase. The histogram is showing positive green bars, indicating that the bullish momentum may be gaining strength, but this is not yet fully confirmed.
4. Important Levels
Resistances:
178.53 USDT (current resistance): If this level is broken, the next important resistance is at 194.14 USDT.
209.57 USDT and 261.64 USDT: These are more distant resistances if the price continues to rise.
Supports:
177.88 USDT: Acts as immediate support as price is testing this area.
161.47 USDT: A more solid support, where the price can find a base in case of a stronger correction.
5. Trends and Projection
The chart shows that Solana price has been consolidating after breaking out of a downtrend (red descending line). It now appears to be attempting to form a bullish recovery pattern.
The formation of positive candles suggests that buyers are in control, and if the current resistance is broken, the asset may continue its upward trajectory.
The price is oscillating within a congestion zone between 178.53 USDT (resistance) and 161.47 USDT (support), which indicates that a decisive breakout could signal a new directional move.
6. Conclusion
Solana is showing a clear recovery with positive momentum but is in an overbought zone, suggesting that the market may need a correction or pause before continuing its upward move. A break above 178.53 USDT could see the price aiming for 194.14 USDT, while a failure to break above this could bring the price back to the 161.47 USDT range.
It is important to monitor price action around these key levels and keep an eye out for confirmation of MACD signals to identify the next move. If you liked your like, like and share it with your investor friend who will be happy to help in a possible decision making.#BinanceTurns7 $SOL