📈 SOL Technical Analysis: Strong Rebound but Concerns Remain, Correlation Attributes are Key
Solana's daily chart shows a long solid bullish candlestick, with trading volume slightly increasing compared to the previous day. The candlestick pattern forms a bullish engulfing pattern, indicating a relatively strong rebound characteristic in the short term.
The price received support after retracing to the daily EMA52 moving average and began to rebound. However, Bitcoin has not yet completed its adjustment cycle, and if Bitcoin declines again, SOL is likely to follow suit.
If Bitcoin enters a sideways consolidation, SOL is expected to continue its upward movement after a brief adjustment, aiming for the target range of $190-$200.
Attention should be paid to the $200 integer level, as this position has historically formed significant resistance multiple times, and it is expected to be difficult to effectively hold above it in the short term. The current rise is still viewed as a rebound, and after the rebound ends, prices will likely retest deeper levels of support. The strong support area is near the daily MA120 moving average, which also coincides with the upper edge of the red box in the chart.
In terms of operation, it is advisable to pay attention to the performance at key levels; it is not advisable to blindly chase after the rebound at high levels.
Key Level Alerts:
Resistance Levels: 197 / 213 / 237 / 250
Support Levels: 174 / 164 / 156 / 145 / 136
