We will perform a technical analysis on the Solana (SOL/USDT) chart, observing the main indicators and patterns presented on the chart.

Analysis of Indicators and Patterns:

1. Fibonacci Retracement:

The chart shows Fibonacci retracement levels, which helps identify potential support and resistance points.

The 0.618 (171.41) and 0.786 (174.84) ​​levels indicate resistance zones that the price is testing. The resistance at 174.84 is particularly important and could indicate a reversal if it is not broken.

2. Supports and Resistances:

Support at 165.11: This level represents a potential fall point if the price faces rejection at the current resistance.

Resistance at 179.21: This level is the next target in case of a break of the resistance of 174.84.

3. MACD Indicator:

The MACD is showing a slight bullish trend, with the MACD (blue) and signal (orange) lines close to each other, indicating potential volatility. A bullish cross between these lines could signal buying strength.

4. Stochastic RSI:

The Stochastic RSI is in an overbought area, indicating that the price could see a pullback or consolidation before continuing higher if buying pressure eases.

Analysis Based on Current Economy:

Considering the current economic scenario:

Market Sentiment: With central banks keeping interest rates high and inflation still a concern, the crypto market, including Solana, could experience volatility. Risk assets, such as cryptocurrencies, tend to face pressure in times of economic uncertainty.

Solana Adoption and News: Solana is benefiting from a growing ecosystem, with new projects and updates that could positively impact demand.

Conclusion:

Short Term: If Solana breaks the resistance at 174.84 with volume, it could target the next level at 179.21. However, the overbought area on the Stochastic RSI indicates caution as a correction could happen.

Medium to Long Term: If the global economy improves and sentiment in the crypto market remains positive, Solana has the potential to continue moving higher. Otherwise, the support at 165.11 will be a critical point to watch.

It is advisable to closely monitor the volume and upcoming economic updates to confirm any upward or downward movement. If you liked it, share it with your investor friend and I will be happy to help you in making a possible decision.$SOL