Breakingnews! $SOL technical analysis:
This is a 4-hour chart of SOL/USDT from Binance, showing key technical indicators such as moving averages (MA7, MA25, and MA99). Here's a brief analysis based on this chart:
1. Current Price Trend: The price has recently bounced back after hitting a low around $120. It is currently trading at around $145.60, slightly above the short-term MA (7-period), indicating a possible upward momentum.
2. Moving Averages:
MA(7) is at $144.18, MA(25) is at $142.28, and MA(99) is at $147.44. The price being above MA(7) and MA(25) suggests short-term bullish momentum. However, it's slightly below MA(99), indicating that it hasn't fully regained a long-term bullish trend.
3. Resistance Levels: The price is nearing resistance at $148.91. If it breaks through this level, the next resistance would likely be the recent high at $162.30.
4. Support Levels: There seems to be support at $133.40 and lower around $120. If the price were to decline, these levels might provide buying interest.
5. Overall Market Sentiment: With the price making higher lows after hitting $120, the market may be gaining strength. However, it will need to break above $148â$150 convincingly to confirm a sustained upward trend.
Future price movement will depend on whether the current momentum can break through resistance levels, or if sellers return near those key price points. Keeping an eye on the volume and these moving averages can help to anticipate the next move.
