SOLUSDT
2024-10-16

Fibonacci Retracement: The SOLUSDT chart applies Fibonacci retracement from the high at 259.90 USDT to the low at 3.44 USDT. Currently, the price is near the 78.60% retracement level at 125.27 USDT, which acts as a strong resistance. If the price breaks above this level, the next target is the all-time high near 259 USDT.

Stochastic RSI: The Stochastic RSI indicates an overbought condition (above 80), suggesting that a potential price reversal or at least a small correction might occur. This is especially important given that the price is near significant resistance.

MACD: The MACD shows a bullish signal, but the signal lines are still close together, indicating that the bullish momentum is not yet strong. If the histogram turns more positive, we might see stronger upward momentum.

Pattern and Candlestick: We can observe an ascending triangle pattern that has been broken to the upside, which is a bullish sign. However, the price is still hovering around the 78.60% Fibonacci resistance. A clear break above this resistance could lead to further rallies.

Probability Based on Global News: Global market sentiment, such as regulatory developments in the crypto space, Solana (SOL) adoption, and macroeconomic conditions, could influence the price. If positive sentiment prevails, SOL could continue its upward trajectory.