From $196 to $240: Technical Analysis of SOL's Mid-Term Trend, This Support Level May Signal a Bottom
SOL's performance today looks like it's climbing stairs—slow but steady. First, looking at the chart, the price is hovering around $205-$207, up 0.48%, indicating that the bulls are still at work, but the momentum is a bit weak. Support levels are at $196 and $185, these two positions act like the floor; if it drops below, there will be a rebound. Resistance levels at $207 and $209 act like the ceiling; if broken, it can surge upwards.
Recently, the news has been quite lively. The new U.S. government has just appointed the founder of the Solana wallet as a policy advisor, which is like giving the Solana ecosystem a strong boost, directly lifting market sentiment, and the tokens in the Solana ecosystem have surged across the board, with TVL soaring by 65% in a month, attracting both users and funds.
However, early this morning, the Jupiter exchange was hacked, losing $50 million, which poured cold water on the situation, potentially causing investors to panic in the short term, leading to a price correction.
On the technical side, trading volume is increasing, indicating that funds are moving, but the MACD shows weakening momentum, and with the BOLL upper band pressing down, a breather may be needed in the short term. However, the moving averages are still in a bullish arrangement, and the mid to long-term trend remains intact.
The Bollinger Bands are narrowing, with the upper, middle, and lower bands converging, indicating reduced volatility, and a direction choice is imminent.
In the MACD indicator, DIF is 1.87, and DEA is 2.65, one positive and one negative, with the histogram at -1.57, slightly bearish, but the difference is not significant, indicating that the bullish and bearish forces are temporarily balanced.
Trading volume is average, with no sudden spikes, suggesting that large funds are still observing.
SOL is highly likely to fluctuate between $205 and $209 today; for a breakthrough above $209, it depends on whether the favorable policy can continue to ferment or if the hacker incident's impact fades. In the short term, avoid chasing highs; consider entering when it pulls back to around $196, while in the mid to long term, watch for policy dividends and ecosystem explosions, with a target price of $215-$230.
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