8/24/Community: SOL Daily Chart Faces Strong Resistance; How to Grasp Long and Short?
Live broadcast room shares various mainstream technical indicator application methods, as well as daily technical analysis;
[SOL/Daily Chart]
SOL Daily Chart: The technical trend fell to a low of 19.609 on the 17th, rebounded after testing the 19.6 support area, and retested the 22.3 resistance on Tuesday. Although there was a slight breakthrough, the daily closing saw a pull-up and formed a hammer line, indicating a halt to the decline. Yesterday, it continued to rebound and closed with a more full-bodied bullish candlestick. It is once again facing resistance at 22.3; in terms of pattern, it has formed a potential double bottom structure. Once it effectively breaks through the resistance, the next bullish target for the rebound is 25.3-25.7.
[SOL/4-hour and 1-hour Chart]
SOL 4-hour/1-hour: The technical trend on the 4-hour chart shows that the three moving averages are still in a death cross phase, with the MACD bullish energy column above the zero axis and the fast and slow lines below the zero axis in a golden cross. In terms of indicators, they are mutually constrained, indicating a need for consolidation. The price trend has already broken through the short-term downtrend line and is on the right side. In the short term, the 22.3 level has some suppressing effect, and it can be combined with Fibonacci retracement levels on the hourly chart to wait for a suitable pullback. Focus on the 38.2% and 50% retracement levels [20.9--20.22] for potential bullish opportunities after testing, with the target locked at 22.3-23.5. Short-term recommendation is to maintain a low long mindset!
Recommended Approach [Long]
Support 20.9-20.6/Resistance 22-22.3
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