To predict the next 24-hour movement for SOL/USDT based on the provided chart, let’s analyze the key points:
1. Price Trend: The current price is $247.29, showing a 6.63% decrease in the last 24 hours. The price is near the 24-hour low ($246.33), indicating potential support at this level.
2. Moving Averages:
MA(7): $248.28, MA(25): $256.36, and MA(99): $253.14.
The price is below all key moving averages, signaling bearish momentum in the short term.
3. Volume: The red volume bars show increasing sell pressure. A further drop is possible unless there’s a reversal with higher buying volume.
4. Support and Resistance:
Immediate support at $246.33.
Resistance is around $255–$256 (MA(25)).
5. Indicators (Not shown here but typical for such analysis):
If RSI (Relative Strength Index) is oversold, a bounce may occur.
MACD crossing downward confirms bearish momentum.
Prediction for the Next 24 Hours:
If $246.33 support holds, expect sideways movement or a bounce toward $250–$255.
If $246.33 breaks, the next significant support could be around $240–$242.
#To conduct a detailed technical analysis of SOL/USDT for the next 24 hours using Fibonacci retracement and trendline projections, I will follow these steps:
1. Fibonacci Retracement:
Identify the recent swing high ($270.18) and swing low ($246.33) from the chart.
Calculate retracement levels to identify potential reversal zones.
2. Trendline Analysis:
Draw downward trendlines to assess the strength of the bearish trend.
Identify breakout or breakdown points.
let us Calculate:
The Fibonacci retracement levels for SOL/USDT are as follows:
0.0% (Support): $246.33
23.6%: $251.96
38.2%: $255.44
50.0%: $258.25
61.8%: $261.07
100.0% (Resistance): $270.18
Key Observations:
1. Potential Reversal Zones:
If the price remains above $246.33, expect a possible bounce to $251.96 (23.6%) or higher.
Resistance areas are $255.44 (38.2%) and $258.25 (50%).
2. Bearish Continuation:
If $246.33 breaks, bearish momentum could push the price lower, testing previous lows.
