The weekly chart shows a small bullish candlestick with a doji pattern, and the trading volume is consistent with the average trading volume of the previous weeks, continuing to maintain a sideways trend.
Here, the price increase is also encountering resistance from the weekly MA30 line, and the price has been unable to break through. The weekly MA30 line is still trending flat, with no obvious upward or downward trend, making it difficult to judge the short-term trend.
The weekly MACD shows a slow increase in bullish momentum below the zero line.
The price is consolidating here, and the trading volume can be maintained within a certain range without shrinking, which can be seen as accumulation for further upward movement.
It is still believed that the upward movement at the weekly level has not yet ended. The pullbacks present opportunities to enter the market, and buying on dips at the round numbers of 160-150-140-130-120 can be considered for medium to long-term positioning.
The daily chart shows a small bearish candlestick with a long lower shadow, and the trading volume is similar to yesterday's, but lower than the average daily trading volume of the previous days. With the US stock market closed, trading sentiment and liquidity are relatively weaker.
The daily MA30 line maintains an upward trend, and the MACD shows an increase in bearish momentum slightly above the zero line, indicating that the daily level adjustment will continue. As the daily MA30 line continues to rise, the support level is also continuously increasing, currently around 158-164, which will be an important support level for the daily chart in the near term.
If Bitcoin does not drop, then SOL will not drop either. If Bitcoin drops, then SOL will definitely drop. The short-term daily chart trend depends on how Bitcoin moves.
Currently, this wave of increase is at the 12-hour level. The price dropped and retraced to the 8-hour EMA52 line before forming a rebound. However, there is already a top divergence at the 12-hour level, and the 8-hour is not the current main level, so caution is needed for the drop after the rebound.
Daily level resistance at 186-196-220-244, support at 165-157-144-124
From the liquidation heatmap data of SOL
The price is rising, with a large number of significant short positions waiting for liquidation in the 176.4-191.2 range.
The price is falling, with a large number of significant and oversized long positions waiting for liquidation in the 169-164 range.
