Solana’s Rally: A Bullish Breakout or Setting Up for Resistance?
Solana’s price action on October 2 signals a shift from recent hesitation to energetic forward movement throughout all major timeframes. Yesterday was marked by consolidation and a test of supports, but today SOL has demonstrated renewed bullishness. Intraday charts like 2-hour and 4-hour show price moving steadily above key DEMA levels, with the fastest DEMA lines beginning to cross over, indicating early uptrend formation. MACD histograms have turned positive and the slopes of the MACD and signal lines point assertively to developing strength. RSI and Stoch RSI readings are in overbought territory but continue to rise, confirming that momentum is real even if some short-term cooling may be necessary.
Momentum indicators—DMI and ADX—display clear separation between +DI and –DI, with ADX trending higher and supporting a genuine trend rather than a short-lived fakeout. CMF has shifted back to positive, suggesting buyers are again committed to the move. On the 6-hour and 12-hour frames, the rally looks more like a proper recovery; fast DEMAs briefly dipped but quickly regained structure, and MACD pushed above zero or is quickly approaching that threshold. Stoch RSI stays in overbought territory, while the higher DEMA bands remain stable and supportive.
On the daily and weekly intervals, SOL has managed to avoid deeper breakdowns, and the trend appears to be renewing rather than reversing. Bullish signals are present but not yet at full strength, making the 224.80–225.00 resistance key—if breached, it likely opens the path to 244 and beyond.
Comparing to yesterday’s outlook, the call for a cautious bullish reversal has proven accurate. Today, buyers showed up in force, confirming multiple bullish signals and lifting price above major supports. In the next 24–48 hours, if 225 is held, a continued move to 229, then perhaps 244, is probable. Buyers have control, but the prudent play remains to buy dips and keep stops tight. Corrections may occur, but the trend has shifted in favor of bulls.
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SOL/USDT Perpetual (Bybit)
Technical Analysis for SOL/USDT.P
Advanced Chart for SOL/USDT.P
This chart visually represents the consensus indicator scores across all analyzed timeframes, providing a clear, at-a-glance view of the prevailing market sentiment.
-1 = Bearish 🧸 ,+1=Bullish 🐂 ,+-0.5 weak Bullish/Bearish , 0(0.5-0.5) = Neutral
This chart plots the key price levels—floor, resistance, and ceiling—that we identified for each timeframe. It helps in visualizing the critical support and resistance zones.
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The content in this publication is for informational and educational purposes only and does not constitute financial, investment, or trading advice. I am not a licensed financial advisor.
Any opinions, strategies, or analyses shared reflect my personal views and experiences. I may hold positions in the cryptocurrencies mentioned (e.g., BTC, ETH, SOL), which could influence my perspective.
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