Solana ($SOL) Technical Analysis on 2025/10/6
Daily Trend: Solana has shown strong performance in recent months, with a significant rebound on the daily chart. Since the mid-year low (around below $150), SOL has been oscillating upwards, especially accelerating after late September. In the past week, Solana's price surged over 20%, climbing from about $190 to around this week's high of $235. Currently, the trading price of SOL is approximately $230+, not far from the 2021 bull market peak of ~$260.
On the daily chart, after breaking through the important level of $200, SOL released significant upward momentum, with buyers facing almost no substantial resistance in pushing the price above $230. Recent candlesticks have consistently closed positively with expanding bodies, showing a typical bullish arrangement. The 9-day EMA and 21-day EMA have continued to diverge upwards since their golden cross at the beginning of October, with the current price well above these two moving averages, indicating a steep upward trend.
The daily RSI has risen to around 74, indicating overbought conditions (reflecting strong bullish momentum and potential overheating). The MACD indicator is also at a high level, with the fast and slow lines maintaining a significant positive distance above the zero axis, while the histogram remains positive.
However, it is important to note that while the last two daily candlesticks have reached new highs, the RSI has not reached a new high simultaneously, forming a slight divergence. This may be due to the proximity to previous historical highs, causing a temporary halt in the upward movement. Additionally, in terms of volume, the daily trading volume did not further expand when the price approached $230-$240, slightly lower than the volume peak observed during the breakout of the $200 level.
This suggests that while bulls are in control, cautious sentiment is also accumulating. Overall, the daily trend remains bullish, but it has gradually entered the previous high pressure zone, facing certain challenges in the short term.
