SOL/USDT — Technical Analysis (1D)
Solana is trading at 105.56 after losing support at the 0.618 retracement buy zone at 106.97.
The Fibonacci retracement was drawn from the local high of 125.03 to the low of 95.81, and the 0.618 level (the so-called “Golden Zone”) was broken to the downside, indicating temporary buying weakness in this area. For an uptrend to resume, the asset would need to reclaim 106.97 with significant volume, turning this level back into support.
The chart pattern currently confirmed is a bearish crossover of the EMA(7) and EMA(25) moving averages, signaling a short- and medium-term downtrend. The price is now testing the EMA(99) at 99.27, which acts as the final dynamic support before the Fibonacci base at 95.81. The RSI(6) is at 21.21, indicating extremely oversold conditions, which have historically tended to precede technical rebounds or sideways consolidation, though they do not guarantee a reversal.
Main support: 99.27 (EMA 99) and 95.81 (Fibonacci 1.0 level).
Main resistance: 106.97 (former 0.618 support, now turned into resistance).
The 0.618 buy zone remains a relevant reference, but has temporarily lost its validity until the price reclaims it. The outlook calls for caution while awaiting the reaction at support at 99.27 to confirm direction.
This analysis is for informational and educational purposes only and does not constitute investment advice. Crypto assets are volatile and involve the risk of capital loss.
#sol #fibonacciretracement $SOL
Solana is trading at 105.56 after losing support at the 0.618 retracement buy zone at 106.97.
The Fibonacci retracement was drawn from the local high of 125.03 to the low of 95.81, and the 0.618 level (the so-called “Golden Zone”) was broken to the downside, indicating temporary buying weakness in this area. For an uptrend to resume, the asset would need to reclaim 106.97 with significant volume, turning this level back into support.
The chart pattern currently confirmed is a bearish crossover of the EMA(7) and EMA(25) moving averages, signaling a short- and medium-term downtrend. The price is now testing the EMA(99) at 99.27, which acts as the final dynamic support before the Fibonacci base at 95.81. The RSI(6) is at 21.21, indicating extremely oversold conditions, which have historically tended to precede technical rebounds or sideways consolidation, though they do not guarantee a reversal.
Main support: 99.27 (EMA 99) and 95.81 (Fibonacci 1.0 level).
Main resistance: 106.97 (former 0.618 support, now turned into resistance).
The 0.618 buy zone remains a relevant reference, but has temporarily lost its validity until the price reclaims it. The outlook calls for caution while awaiting the reaction at support at 99.27 to confirm direction.
This analysis is for informational and educational purposes only and does not constitute investment advice. Crypto assets are volatile and involve the risk of capital loss.
#sol #fibonacciretracement $SOL