Price: Currently Solana (SOL)
The price is approximately $118.32.
Trend: The chart clearly shows a downtrend. The price is trading below all major exponential moving averages (EMA 9, 21, 50, 200), which is a "Bearish" sign.
Moving Averages:
EMA(200)
The purple line is around 155,
This means the price has dropped significantly below the long-term average.
Important observations
Resistance:
The first major resistance area upwards is $122-127.
(EMA 9 and 21). As long as the price does not break above them, the pressure will remain.
Support: The recent low is around $112.11. If this level breaks, the price could go further down.
RSI: The RSI is between 41-44, indicating that there are currently no signs of an 'Oversold' recovery in the market, but it is in a weak zone.
Volume: Looking at the volume bars below, it seems that the selling pressure (Red bars) is not yet over.
Suggestions
If you want to take a trade:
Currently, the market is a bit uncertain. Let the price stabilize at a strong support or wait for it to cross the $127 level.
Stop Loss: If you have bought, the $110-112 level is an important support. Going below this could increase losses.
Note: The crypto market is highly volatile, so make sure to do your own research (DYOR) and only invest what you can afford to lose.
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