SOL - USDT 1DChart, resistance and support zones
Hello everyone, I invite you to review the SOL chart in pair to USDT, on a one-day timeframe. First, we will use the blue lines to mark the downtrend channel where the price is moving in the upper range.
Moving on, we can move on to marking support areas when we start a larger correction. And here, the first support is at $22.38, the second support is at $19.68, the third support is at $17.44, and then we have a strong support zone from $15.20 to $12.
Looking the other way, we see that the price has reached an important resistance zone from $ 27.14 to $ 32.34, which so far has no strength to break. However, if it manages to exit the descending channel upwards and break through the resistance zone, the next resistance will appear at the price of $38.89.
Please look at the CHOP index, which indicates that we have a lot of energy for the upcoming move, MACD indicates that we are moving in a downtrend, while the RSI has a rebound and we are moving at the downtrend line, which may indicate a larger correction.
Moving on, we can move on to marking support areas when we start a larger correction. And here, the first support is at $22.38, the second support is at $19.68, the third support is at $17.44, and then we have a strong support zone from $15.20 to $12.
Looking the other way, we see that the price has reached an important resistance zone from $ 27.14 to $ 32.34, which so far has no strength to break. However, if it manages to exit the descending channel upwards and break through the resistance zone, the next resistance will appear at the price of $38.89.
Please look at the CHOP index, which indicates that we have a lot of energy for the upcoming move, MACD indicates that we are moving in a downtrend, while the RSI has a rebound and we are moving at the downtrend line, which may indicate a larger correction.