Current Price: $119.11 (-3.76% 24h change)
24-hour Range: $116.25 to $136.21
Trading Volume: 7.47M SOL ($935.25M USDT)
Key Observations:
- Price is trading below both the 5-day (3.41M) and 10-day (3.26M) moving averages
- The price has been making lower highs since the $295.83 peak
- $116.25 is acting as important support
- Current volume (1.71M) is much lower than the 5-day average (3.41M)
Important Levels:
Support: $116.25 (recent low)
Next Support: $110.00
Resistance: $136.21 to $143.25 area
Possible Outcomes:
If price breaks below $116.25:
- Could fall toward $110-$105
- Needs higher volume to confirm
If price breaks above $136.21:
- Would need strong volume (over 3.4M SOL)
- Could signal trend change
Trading Suggestions:
For short-term traders:
- Possible short trades if price stays below $116.25
- Wait for confirmation before buying
For long-term holders:
- $110-$116 might be good for accumulating
- Only buy above $136 with good volume
Market is currently bearish but might see a small bounce from oversold conditions.
#SOL #Crypto #Trading #Binance #TechnicalAnalysis
Note: This is just technical analysis - always do your own research befo
re trading. Data as of March 7, 2025.