SOLUSDT | Marketoutlook 
2024-10-16

Summary: 

 •  SOL/USD Movement: 
 • Trading within a  medium-term descending channel .
 •  Resistance zone:  157.40–162.50 (23.6% Fibonacci & Murrey  ). A breakout above could lead to further growth toward  175.00  and  185.80  (July highs).
 •  Support zone:  If the price falls below  147.60  (central Bollinger Band), it could decline toward  131.25  (38.2% Fibonacci & Murrey  ) and  125.00  (Murrey  ).
 •  Technical Indicators: 
 •  Bollinger Bands:  Horizontal, signaling consolidation.
 •  Stochastic:  Preparing to exit the overbought zone, indicating a potential sell signal.
 •  MACD:  Increasing in the positive zone.
 •  Trend Outlook: 
 • With the long-term downtrend intact, further decline in the near future appears more likely.