SOL/USDT — Daily Chart Analysis
Solana is undergoing a correction from a high near 125.00 USDT and is currently trading around 104.14 USDT (+0.32% in 24h), testing the zone between Fibonacci levels 0.786 (102.06) and 0.618 (106.97). Along the way, a death cross formed between the short-term moving averages, with the EMA(7) falling below the EMA(25), signaling short-term selling momentum. However, the price is still above the EMA(99), at 99.83, which continues to act as dynamic structural support.
Main support: 102.06 (Fibonacci 0.786), with 95.81 (Fibonacci 1.0) as secondary and psychological support.
Main resistance: the confluence of the EMA(25) and the 0.618 level, near 106.97.
Chart pattern: no clear reversal pattern has formed on the daily candles. The point to watch is the RSI(6) at 26.25, in oversold territory, which indicates possible selling exhaustion and increases the likelihood of a technical bounce, provided support at 102.06 holds. Until the resistance near 107.00 is broken, the move remains a correction within the chart structure.
⚠️ This analysis is for informational and educational purposes only, based solely on technical chart analysis, and does not constitute investment advice. Cryptocurrencies involve a high risk of volatility.
#solanAnalysis #SolanaUSTD
Solana is undergoing a correction from a high near 125.00 USDT and is currently trading around 104.14 USDT (+0.32% in 24h), testing the zone between Fibonacci levels 0.786 (102.06) and 0.618 (106.97). Along the way, a death cross formed between the short-term moving averages, with the EMA(7) falling below the EMA(25), signaling short-term selling momentum. However, the price is still above the EMA(99), at 99.83, which continues to act as dynamic structural support.
Main support: 102.06 (Fibonacci 0.786), with 95.81 (Fibonacci 1.0) as secondary and psychological support.
Main resistance: the confluence of the EMA(25) and the 0.618 level, near 106.97.
Chart pattern: no clear reversal pattern has formed on the daily candles. The point to watch is the RSI(6) at 26.25, in oversold territory, which indicates possible selling exhaustion and increases the likelihood of a technical bounce, provided support at 102.06 holds. Until the resistance near 107.00 is broken, the move remains a correction within the chart structure.
⚠️ This analysis is for informational and educational purposes only, based solely on technical chart analysis, and does not constitute investment advice. Cryptocurrencies involve a high risk of volatility.
#solanAnalysis #SolanaUSTD