Somnia (SOMI) is moving in an upward direction and showing a surge in its price. Over the last 24 hours, the token has gained 32.35%, a sharp rise that contrasts with its 23.7% decline over the past week.
At press time, SOMI is trading at $0.5245, supported by a daily trading volume of $296 million, marking a 74.93% increase. The market capitalization now stands at $84.17 million, highlighting the token’s growing traction.
The strong surge suggests that traders are seeking short-term opportunities in SOMI, even as the market struggles to establish a clear trend. Increased participation reflects heightened volatility and sets the stage for potential breakouts in either direction.
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On the 1-hour chart, SOMI shows signs of a bullish reversal followed by consolidation. A strong candlestick pushed the token above both the EMA 9 ($0.5340) and the middle Bollinger Band (SMA 20 at $0.5177), confirming an initial shift in momentum. Since then, the price has fluctuated between $0.52 and $0.55, pointing to indecision among traders.
The narrowing of Bollinger Bands after the breakout reflects reduced volatility, with the SMA 20 at $0.5177 now serving as a critical support. Resistance levels remain at $0.5340–$0.5380, with a stronger barrier near $0.5500–$0.5600.
A break above these levels might take SOMI up to the upper Bollinger Band approximately at $0.6152. A breakdown on the negative side of a failure to stay above $0.5177 might result in a decline down to $0.5000 or the lower Bollinger Band at $0.4200.
Momentum indicators validate diminishing positive strength. The Relative Strength Index (RSI) is at 55.65, which is lower than the last high readings. The RSI indicator line also remains high at 63.68, a recent high having pushed the RSI into the overbought zone before it came down further. It confirms that the asset has moved out of the overbought range and is right now inside a neutral zone.
The MACD indicator also identifies fading momentum. It has a bear cross since the MACD line is lower at 0.02260 than the signal line at 0.02464. The histogram is also negative at -0.00204, also confirming that the momentum is shifting on the side of sellers. Unless SOMI sustains the support above $0.515, the possibility of a short-term correction remains high.
Overall, Somnia’s general outlook improves on the conservative side. Gains during the day confirm strength, but diminished momentum and a losing technical position necessitate reaffirmation before the next solid action.
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