The SOMI coin has seen a tremendous and sudden rise, but is this rise based on strong technical foundations? Let's take a deep look at the chart:
1. Price Action & Volume:
We observe a nearly vertical rise (Parabolic Move) that started from levels of approximately $0.30. The most important aspect of the rise itself is that it is supported by an enormous and unprecedented trading volume (the long green candles below). This combination is the first and strongest positive signal, as it confirms the presence of real buying power and significant interest in the currency, not just ordinary speculation.
2. Indicator (OBV - On-Balance Volume):
As can be seen in the picture, the indicator is in a very sharp upward trend. This indicator measures liquidity flows. Its rise in this manner confirms that the high trading volume is net buying volume, which means that "whales" and large investors are accumulating the currency and pushing the price up. This strongly supports the continuation of the upward trend.
3. MACD Indicator (MACD):
We see a clear positive crossover (Bullish Crossover) below the chart, with the distance between the indicator lines increasing. This is a classic technical signal that bullish momentum is strong and accelerating. As long as this widening continues, the strength of the rise remains intact.
Technical summary:
The technical indicators shown on the chart (trading volume, OBV, MACD) are all in agreement and provide a strong bullish signal. The rise is not random but supported by high liquidity and momentum.
Important areas to watch:
Resistance: The last recorded peak at ~1.23$ is the first important resistance area.
Support: The 1.00$ area is considered significant psychological support.
What is your analysis? Do you agree with these points? Share with us in the comments.
