🚨 SOLANA IN MAXIMUM TENSION! 📉 CRUCIAL SUPPORT OR FREE FALL TOWARDS $78?
The daily chart of SOL/USDT shows a complex technical structure where selling pressure has taken the lead. Currently trading at 81.95, the asset is struggling to halt the bearish drip after losing key institutional support zones.
🔍 Trend Analysis and Indicators
Trend: Bearish in the short and medium term. The breakdown and price retention below previous structural levels confirm that supply is dominating the order book.
Moving Averages (MA): Textbook bearish outlook. The price is below MA(7) at 83.75, MA(99) at 85.99, and MA(25) at 87.81. As long as the asset fails to trade and close candlesticks above this cluster of moving averages (especially the macro MA(99)), any attempt to rise will be considered just a relief bounce.
Bollinger Bands (BOLL): Navigating at the lower end. After strongly rejecting the middle band (MB) at 87.31, the price has slid towards the lower band (DN) located at 78.29. The day's low touched 80.35, showing that there is still a small margin for decline before reaching the extreme oversold condition of the indicator.
💡 Trading Strategy: Buy or Sell?
Buy?: Going long at this point carries a high risk due to the strength of the bearish movement. The ideal high-probability zone to look for a technical bounce is between 78.30 and 79.50 (coinciding with the lower band). A strict Stop Loss should be placed below the historical support of 76.70.
Sell / Short?: This is the strategy that aligns with the dominant trend. Safer short positions activate on bounces towards MA(7) (~83.75) if the price shows rejection in that area, aiming for the main target of capitulation towards 78.30.
#Solana
May the Lord bless and prosper those who trade here, in the name of Jesus $SOL
The daily chart of SOL/USDT shows a complex technical structure where selling pressure has taken the lead. Currently trading at 81.95, the asset is struggling to halt the bearish drip after losing key institutional support zones.
🔍 Trend Analysis and Indicators
Trend: Bearish in the short and medium term. The breakdown and price retention below previous structural levels confirm that supply is dominating the order book.
Moving Averages (MA): Textbook bearish outlook. The price is below MA(7) at 83.75, MA(99) at 85.99, and MA(25) at 87.81. As long as the asset fails to trade and close candlesticks above this cluster of moving averages (especially the macro MA(99)), any attempt to rise will be considered just a relief bounce.
Bollinger Bands (BOLL): Navigating at the lower end. After strongly rejecting the middle band (MB) at 87.31, the price has slid towards the lower band (DN) located at 78.29. The day's low touched 80.35, showing that there is still a small margin for decline before reaching the extreme oversold condition of the indicator.
💡 Trading Strategy: Buy or Sell?
Buy?: Going long at this point carries a high risk due to the strength of the bearish movement. The ideal high-probability zone to look for a technical bounce is between 78.30 and 79.50 (coinciding with the lower band). A strict Stop Loss should be placed below the historical support of 76.70.
Sell / Short?: This is the strategy that aligns with the dominant trend. Safer short positions activate on bounces towards MA(7) (~83.75) if the price shows rejection in that area, aiming for the main target of capitulation towards 78.30.
#Solana
May the Lord bless and prosper those who trade here, in the name of Jesus $SOL