SOLUSDT 1H - Ascending Channel Under Selling Pressure
2024-12-06

The chart shows a sideways movement with an upward slope, within an ascending channel visible on the 1-hour timeframe. At the moment, the price is close to the dynamic support of the channel, but the indicators show selling pressure.
The EMA (Exponential Moving Average) suggests dynamic resistance, with the price finding it difficult to consistently break above it.

Support:
$229.69
$225.00: Considered a critical support, its loss could signal a broader reversal in the short term.

Resistance:
$241.72
$247.00: Upper resistance on the 1H chart, coinciding with the recent top. A break of this level could propel the price towards $256.69.

RSI (Relative Strength Index):
Indicates selling pressure.

MACD:
Also presents a bearish crossover, reinforcing the sell scenario at the moment.

Although the price of SOL/USDT is inside an ascending channel, the selling pressure indicated by the indicators (RSI and MACD) suggests that the price may test the supports before resuming the uptrend.