Solana Technical Analysis ($SOL ) December 26, 2024 🚀📉
Technical Indicators:
General Trend 📉: The current price action indicates a descending channel, which shows continued selling pressure.
Support and Resistance Levels 🔧📈:
Major Support 🛑: At $180, where the price may see a rebound if reached.
Major Resistance 🚧: At $200, which the price needs to break to confirm a trend reversal.
Relative Strength Index (RSI) 📊: It is currently in the neutral zone, indicating a balance between buying and selling forces.
Moving Averages 📉: The price is trading below the 50-day moving average, which supports the short-term downtrend.
Future Forecast:
Bullish Scenario 🚀: If the resistance level at $200 is broken and stabilized above it, the price may target higher levels such as $220.
Bearish Scenario 📉: If the price breaks the support level at $180, it may head towards lower levels such as $160.
Recommendations:
Short-term investors ⏳: It is recommended to follow the price action near the mentioned support and resistance levels and make their decisions based on that.
Long-term investors 📅: It may be appropriate to wait for confirmation of the trend reversal before entering new trades.