1. Current price and market fluctuations
- Solana's price is currently ranging between $148.67 and $151.55, with a slight decrease of ≈1% over the past 24 hours. However, on the short-term timeframe (12 hours), data indicates limited fluctuations around the $150 level, with resistance testing at $151.55 and support at $148.57.
2. Price structure and critical levels
- Support areas:
- Immediate support: $148.57 (lowest price in 24 hours).
- Resistance areas:
- Near resistance: $151.55 (highest price in 24 hours).
3. Technical indicators
- Moving averages:
- The price is currently trading above the 50 EMA on the daily timeframe, supporting a short-term bullish outlook, but it is still below the 200-day average, indicating long-term bearish pressure.
- Relative Strength Index (RSI):
- The RSI on the hourly timeframe (1H) shows a reading of ≈55, indicating neutral momentum with the potential for a shift toward buying if it exceeds 60.
- Other oscillators:
- MACD signals indicate convergence between the lines, which may herald a strong price movement soon (upward or downward).
4. Potential trading scenarios
- Bullish scenario:
- Activation conditions: Closing price above $151.55 with increased trading volume.
- Targets: $154 (short-term resistance), then $160 (61.8% Fibonacci point).
- Bearish scenario:
- Activation conditions: Break support at $148.57 with confirmation of a bearish closing candle.
- Targets: $142 (50% Fibonacci retracement area), then $134.63.
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Summary:
Over the past 12 hours, Solana's price has remained within a narrow range, testing immediate support and resistance levels. The short-term direction depends on breaking one of these levels, with indicators currently supporting neutral momentum. Traders are advised to monitor trading volume and confirm breakouts before making investment decisions.
