Looking at the picture and analyzing the chart, here are some observations and recommendations based on the indicators:
1. In the short term:
RSI (Relative Strength Index): Current value is around 25.12, indicating that the market is in an oversold zone. There may be a possibility of a short-term bullish bounce.
MACD: The indicator is currently negative, indicating weak upward momentum but this may indicate an approaching reversal if the decline continues to slow
Nearby support point: 244.58 level (from the last session low). If the price continues to decline, it may rebound at this level
Recommendation: If you are looking for a short-term trade, wait for a strong reversal signal, such as a bullish candle or an improvement in the RSI.
2. In the long term:
General trend: The trend appears to be still bullish in the long term, but the current correction may continue for some time.
Moving Averages: The 10-day moving average is slightly below the 5-day average, indicating the beginning of short-term weakness.
Resistance Point: Level 256.91 is a nearby resistance point. If broken steadily, it may strengthen the uptrend.
Recommendation: If you intend to invest for the long term, it may be better to wait for the price at strong support levels like 244-242 before buying.
Follow the news related to the SOL project as it may greatly affect the price movement.
General advice:
Make sure to monitor news and technical indicators regularly, especially since cryptocurrencies are very volatile. Have a clear risk management plan, such as setting a stop loss and sticking to it.
Don't forget to like, follow and share to get all that's new #solana $SOL
