Let’s dive into the current state of $SOL , which is trading at $138.94 as of now, down 4.6% over the last 24 hours. 📉
Looking at the 1-hour chart, SOL has been on a rollercoaster. After a sharp drop to around $112 earlier this month, it staged a strong recovery, climbing to a recent high of $147.48. However, the price has since pulled back to $138.94, sitting just below the 25-period moving average (MA) at $139.43 and the 50-period MA at $139.93. This suggests some short-term bearish pressure. 🐻
Key Observations:
Volume: Trading volume has been relatively stable, with 24-hour volume at 442.17M USDT. However, the volume bars at the bottom show a slight decrease during the recent pullback, indicating weaker selling pressure.
Order Book: The order book shows significant buy support around $138.88–$139.03, with over 802K SOL in buy orders. On the sell side, there’s resistance at $139.07–$139.11 with 1.11M SOL. This suggests a battle at these levels.
Moving Averages: SOL is testing the 25-period and 50-period MAs. A break above these levels could signal a continuation of the uptrend, while failure to hold $138 might lead to a retest of lower support around $130–$132.
Market Sentiment: The 24-hour high was $145.69, and the low was $135.29, showing a 1.20% amplitude. The market seems to be consolidating after the recent rally.
Prediction: Given the current setup, SOL/USDT looks like it might face some short-term consolidation or a minor pullback to test support around $135–$136. However, if buyers step in and push the price above the $140 resistance (and the MAs), we could see SOL targeting $145 or even $147.48 again in the near term. The overall trend remains bullish as long as it holds above $130. 📈
What to Watch:
A break above $140 with strong volume could confirm bullish momentum.
A drop below $138 with increasing sell volume might signal a deeper correction.
What do you think, traders? Are you buying the dip or waiting for a breakout? Let’s discuss in the comments! 👇
