$SOL Technical Analysis
To get a more comprehensive understanding, we’ll be looking at some key indicators like the RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence). These indicators will help us figure out if the current momentum is going to keep going or if it’s about to change direction.
Here’s what we’ll be checking out:
1. RSI Analysis
* Above 70: This means the asset is overbought and could be about to reverse or pull back.
* Below 30: This means the asset is oversold and could bounce back or reverse.
Right now, the RSI looks like it’s around 50-60. This means the momentum is turning bullish, but it’s not overbought yet. So, there’s still room for the price to go up, which could take it to 150-160 USDT.
However, if the RSI goes above 70, there might be a short-term pullback.
2. MACD Analysis
MACD helps us figure out the direction and strength of a trend by looking at moving averages.
Here are some key MACD signals:
* Bullish Crossover: When the MACD line crosses above the signal line, it’s a buy signal.
* Bearish Crossover: When the MACD line crosses below the signal line, it’s a sell signal.
if the price hits resistance at 150 USDT, the MACD might start to flatten, which could be a sign of caution.
Bullish Case:
If SOL closes above 150 USDT, I expect it to continue its upward trend. The RSI and MACD both suggest that there’s still room for more gains.
Bearish Case:
If SOL fails to hold above 140-145 USDT, I expect it to drop to 130 USDT, then 120 USDT, and finally 111 USDT (which is a critical support level).
Trading Strategy:
If SOL breaks 150 USDT with high volume, I’ll enter a long position and aim for 185 USDT.
Conclusion:
(This is not a trading advice DYOR)
The momentum is shifting bullish, and the RSI and MACD both confirm that there’s upside potential. The key level to watch is 150 USDT (the breakout level) and 183 USDT (the major resistance). If the bulls keep up the pressure, 225 USDT could be the next big target.
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