The daily chart for Solana (SOL/USDT) displays a retracement following a strong uptrend. The price has formed a peak around $210.18 and has since pulled back to current levels at $153.36. The first resistance level (R1) is now at $184.67, which could act as a ceiling for any upward moves. The next resistance level (R2) is at $211.52, just above the previous high, potentially serving as a target for a bullish continuation.
The chart also shows established support levels at $121.04 (S1) and $92.78 (S2). The RSI is just below the midpoint at 46.92, suggesting some bearish momentum, but not overwhelmingly so. The MACD is below the signal line and negative, which traditionally suggests bearish momentum.
As a trader, I would watch for the price action to approach R1 for potential resistance or a breakthrough, which could indicate a move to R2. A failure to breach R1 could see prices retest S1. Given the indicators, a cautious approach would be prudent, with tight stop losses and a close eye on both RSI and MACD for signs of trend strength or reversal.
The chart also shows established support levels at $121.04 (S1) and $92.78 (S2). The RSI is just below the midpoint at 46.92, suggesting some bearish momentum, but not overwhelmingly so. The MACD is below the signal line and negative, which traditionally suggests bearish momentum.
As a trader, I would watch for the price action to approach R1 for potential resistance or a breakthrough, which could indicate a move to R2. A failure to breach R1 could see prices retest S1. Given the indicators, a cautious approach would be prudent, with tight stop losses and a close eye on both RSI and MACD for signs of trend strength or reversal.