Technical analysis by Justin_hello about Symbol SOL on 7/16/2024

On the 1-hour chart of SOLUSDT, the current trend is a downward correction after a strong uptrend. The price has encountered resistance at 157.99 USD and is currently adjusting towards the support level. Both the EMA 34 and EMA 89 are sloping upwards, confirming the long-term uptrend. However, the price has fallen below the EMA 34, indicating a short-term correction. The chart shows a Double Top pattern at the resistance area, signaling a potential short-term correction. If the price breaks below the support at 148.92 USD, the downward trend may continue, and the price could further decline to 145.00 USD.