#SolanaUSTD
Here’s a technical analysis of SOL/USDT on the 4-hour spot chart using EMA 30, 50, 100, and RSI 14, along with well-defined support/resistance levels:
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Trend Overview (4-Hour Chart)
Overall Market Structure:
SOL is currently in a corrective downtrend following a strong uptrend earlier this year. Price is forming lower highs and lower lows, indicating bearish momentum.
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Exponential Moving Averages (EMAs)
EMA 30: Acting as immediate dynamic resistance, currently around $162–165.
EMA 50: Stronger mid-term resistance near $170.
EMA 100: Major resistance zone around $183, aligned with previous highs.
Price is below all EMAs, suggesting bears are in control. EMAs are in bearish alignment (30 < 50 < 100).
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Relative Strength Index (RSI 14)
Current RSI: Around 23–25, indicating oversold territory.
This often precedes short-term bounces, but in a strong downtrend, RSI can remain oversold for extended periods.
Look for RSI divergence or crossing back above 30 to confirm reversal interest.
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Support Levels
1. $131.91 – Key horizontal support from late February.
2. $125–$120 zone – Strong buy zone, previously a breakout base.
3. $110.70 – Historical key level; if broken, opens room to $98–100.
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Resistance Levels
1. $140–$145 – Minor bounce resistance.
2. $150–$155 – EMA 30 & structural resistance.
3. $170–$173 – EMA 50 resistance; break above this may shift trend.
4. $183–185 – EMA 100 resistance & major trend-defining level.
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Volume & Price Action
Decreasing volume on pullbacks suggests selling pressure may be fading.
Lack of strong bullish engulfing candles means bottom is not confirmed yet.
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Conclusion & Strategy
Bearish Bias: Stay cautious as price is below all EMAs and RSI is weak.
Watch For Reversal Signs:
Bullish divergence on RSI.
Price reclaiming EMA 50 ($170).
Scalp Opportunities: Long from $125–130 zone with tight stop-loss.
Safe Entry: Wait for daily close above EMA 50 or bullish engulfing candle near support.
