Solana (SOL) technical analysis:
Trade setup: Bearish Breakout from Sideways Channel ($175-250). Made a Lower High and Lower Low. Trend could be reversing. Next support area is $150. (set a price alert).
Pattern: Price is trading in a Sideways Channel , which is a neutral pattern (indication of market indecision). Trend Traders ought to wait for a breakout in either direction, although typically it breaks in the direction of the existing trend. Swing Traders can trade the range – Buy near Support ($175) and Sell near Resistance ($250)
Trend: Downtrend on Short- and Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Bearish ( MACD Line is below MACD Signal Line, and RSI is below 45).
OBV (On Balance Volume): is flat, indicating that volume on Up days is equal to volume on Down days. Hence, demand from buyers and supply from sellers are in equilibrium
Support and Resistance Nearest Support Zone is $150, then $125. The nearest Resistance Zone is $175 (previous support), then $220
