• A weekly close above the 10-period EMA at $0.0971 hints at a potential trend reversal.

  • 24-hour volume surged to 47.79M units, signaling renewed interest near the $0.09387 support.

  • Price testing $0.1029 resistance; a breakout could confirm a shift from consolidation to upward momentum.

Early on, FIDA which is used within the Solana Name Service platform, has shown signs of changing direction. It appears on the weekly chart that the asset has bounced off its latest bottom of $0.0559 following a long period of decline. 

The token has increased by 6.14% in the last 24 hours, reaching $0.0985 at the time of writing. Despite the broader downward trajectory, FIDA is showing renewed activity around key technical levels, supported by rising volume and short-term moving average convergence.

Reclaim of Short-Term EMAs Signals Shift in Price Behavior

The price movement on the 1-week timeframe reflects an extended period of consolidation following the sharp decline from $0.7260 recorded in May 2024. FIDA has gradually declined since that high, consistently trading below the 99-period EMA, currently at $0.4347. However, the recent upturn saw the token close above the 10-period EMA ($0.0971), while also approaching the 21-period EMA at $0.1294.

https://twitter.com/holdersignals/status/1925797067848302802

Trading volumes have also increased notably, with 24-hour volume for FIDA reaching 47.79 million units. This shift suggests stronger market interest near the current base. The price range over the last 24 hours spans from a low of $0.0923 to a high of $0.1000, indicating tighter volatility near immediate resistance.

Current Resistance and Support Levels in Focus

Technical levels remain crucial as FIDA tests the upper boundary of its short-term range. Resistance is observed at $0.1029, marking a near-term barrier that has not been breached since early April. Support sits firmly at $0.09387, which has held through several intraday pullbacks over the last week.

This interaction between price and these levels indicates a possible formation of a local base. The asset’s ability to sustain above the support may suggest strength is building, especially if it maintains momentum above the 10-period EMA.

Market Outlook Hinges on Sustained Volume and EMA Alignment

While the broader trend remains downward, FIDA's recent move shows early alignment between short-term exponential moving averages. The flattening slope of the 21-period EMA, in particular, suggests the downtrend could be slowing. For confirmation, a weekly close above $0.1029 may be required, especially with the 50-period EMA ($0.1993) still far above current levels.

FIDA is attempting to carve out a bottom around $0.09 to $0.10. The upcoming sessions will likely determine whether this level evolves into a more significant accumulation range, or simply marks a temporary pause in the prevailing trend.