$SOL
The current price of Solana is $145.16 with a market cap of $77.10 billion. Here is a detailed technical analysis:
Key Indicators:
- Relative Strength Index (RSI): Neutral signal, indicating no overbought or oversold conditions.
- Moving Average Convergence Divergence (MACD): Bearish divergence, suggesting potential difficulty in maintaining upward momentum.
- Chaikin Money Flow (CMF): Above zero, indicating notable buying pressure.
- Moving Averages: Short-term trend is upward, but the medium-term trend is downward.
Support and Resistance Levels:
- Nearest support area*: $100, then $80
- Nearest resistance area*: $160, then $184
Price Movement:
- Solana broke above a descending channel on the weekly chart, indicating a sustainable bullish breakout.
- Short-term target: $171.43 (Fibonacci level 0.618), and it could reach $200 if buying pressure continues.
*Trader Sentiment:
- The negative funding rate indicates aggressive short positions, but this could be positive if the trend continues as is.
- Some analysts expect a potential 20% increase in price, while others warn of a deeper bearish movement.
