📢Solana Full Technical analysis explained✅$SOL #SECGuidance
Price Action & Trend Analysis
Current Price: $124.87
Price Change: -5.11% in the last 24 hours
24h High/Low: $134.45 / $123.49
Recent High: $136.13
Recent Low: $108.21
Price has been in a short-term downtrend after reaching the recent high of $136.13. This is evident from the series of lower highs and lower lows in recent candles. The price is currently testing support around the $124–$125 level.
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Candlestick Patterns
Recent candles are mostly red with long wicks, indicating selling pressure and attempts to push the price lower.
No clear reversal pattern has formed yet, suggesting the bearish momentum may continue unless strong support holds.
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Volume Analysis
Volume has declined compared to earlier bullish moves, indicating weakening buying interest.
Volume MA(5): 437,386.650
Volume MA(10): 488,808.634
Both MAs are sloping down slightly, confirming reduced trading activity and momentum.
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Moving Averages (MA)
MA(5) and MA(10) are close, with the 5-period MA slightly below the 10-period MA.
This crossover often signals a bearish trend in the short term.
Price is below both moving averages, suggesting a bearish sentiment.
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Support and Resistance Levels
Immediate Support: $123.49 (24h low), and $119.10 (previous consolidation area)
Major Support: $112.96 and $108.21 (recent bottom)
Immediate Resistance: $131.38, followed by $136.13 (recent high)
Major Resistance: $137.53
Conclusion & Trading Strategy
A break below $123.49 opens the door to $119 or even $112.96.
Reversal signs (bullish engulfing, hammer, or bullish divergence on RSI) are needed before considering longs.
Strategies
Short-term traders: Look for rejection near $131 for potential short entries.
Long-term investors: Accumulation possible near $112–$119 if strong support confirms.
Stop-losses: Should be set below recent support if going long, e.g., below $123.
