Solana ($SOL) Technical Analysis on 2025/10/6
On the 4-hour chart, Solana's recent upward momentum shows signs of acceleration: the price has been rising continuously along the 5-period moving average, with almost no deep pullbacks, only minor sideways consolidations before being pulled up again. SOL began this rally after gaining solid support around the $205 level.
After breaking through $220 at the beginning of October, a series of consecutive long bullish candles appeared on the 4-hour K-line, successfully pushing past $230. Currently, on the 4-hour chart, SOL is showing signs of high-level consolidation: it is hovering in the $232-$235 range and may be forming a short-term top. This is primarily indicated by several K-lines with significant upper shadows, and the extent of new highs is decreasing, suggesting a waning upward momentum. The RSI indicator briefly surged above 80, indicating extreme overbought levels on the 4-hour timeframe, but has since slightly retreated, currently sitting between 60-65. This means that short-term overheating has eased, but mid-term upward momentum still exists. The MACD indicator has formed a death cross at a high level, with green bars emerging but not significantly in size.
The MACD fast line has turned downward and crossed below the slow line, suggesting that short-term adjustments may unfold; however, the MACD remains above the zero line, indicating that bearish strength is not strong at the moment. Regarding the Bollinger Bands, the 4-hour Bollinger channel has opened significantly after a sharp rise, and the current price has retraced from the upper band to near the middle band, where the middle band (approximately $225) may provide some support for the price. If SOL can stabilize here, it is likely to absorb the overbought condition by exchanging time for space.
Overall, the 4-hour chart indicates that after a rapid surge, SOL is currently in a high-level consolidation phase—momentum has paused but has not reversed, with the subsequent direction depending on the tug-of-war between bulls and bears at the current level.
