1. Price Movement and Overall Performance:
- Current price: $163.21. $SOL
- Trading range: The currency recorded a high of $164.54 and a low of $150.33 over the past 24 hours, indicating moderate volatility, but within a short-term corrective range.
2. Key Technical Indicators:
- Relative Strength Index (RSI): At 61.9, indicating moderate bullish momentum without entering the overbought territory.
- Moving Averages: The price is attempting to stay above the 50 EMA on the daily chart, supporting the likelihood of a resumption of the upward trend.
- Descending wedge pattern: This pattern has recently been broken, indicating the possibility of continued upward movement.
3. Support and Resistance Levels:
- Near support: $150.33 (lowest price in 24 hours), followed by strong support at $129.
- Key resistance: $164, with the potential to reach $175 if resistance is broken strongly.
4. Short-term Forecast:
- Bullish scenario: If $164.54 (near resistance) is broken, the price may target $175, supported by increased trading volumes and momentum indicators.
- Bearish scenario: If the price fails to maintain $150, it may retest $129, especially with the beginning of 'whales' exiting the market.
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Summary:
Solana has experienced limited volatility over the past 12 hours, with the price focusing around $160-165, supported by positive technical momentum and increased activity in the ecosystem. However, risks remain due to external factors such as past legal issues and concentration of power in reforms. Traders are advised to monitor momentum indicators and key liquidity levels to determine the upcoming trend.
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