๐ย $SOL Technical Analysis April 27, 2025: Breaking down from Uptrend Line and the Bears are in Control ๐ฅ
Current Market Snapshot
๐ Market Insight
๐ Current Price:ย $146.36 (as of 08:58)
24H High/Low: $152.53 / $146.21
24H Volume: 1.87M SOL (or $279.98M in USDT)
โข Recent Movement: The price has dropped significantly from $149.21 (at 23:03 the previous day) to $146.36, a decline of $2.85 (1.91%) over roughly 10 hours. The price also hit a low of $146.21 (24H low) before a slight recovery.
โข MACD: -0.05
โขย RSI(6): 29.85 (oversold)
โขย RSI(17): 32.26 (nearing oversold)
โขย RSI(41): 39.51 (neutral, trending toward oversold)
โขย The RSI(6) is in oversold territory (below 30), and RSI(17) is close to oversold. This often signals a potential bounce, as the market may be overstretched to the downside. However, in strong downtrends, RSI can remain oversold for extended periods.
๐ Important Levels to Watch
๐ฝ Support levels: $146.21 (24H Low), $143.73, $138.17
๐ผ Resistance levels: $148.33 (Lower Bollinger Band), $149.61(MA25), $150.53(MA99)
๐ Bullish Trade Setup: A Short-term Bounce.
โ๏ธ Entry Point: $148-149 zone (Looking for the increase in buying volume and MACD bullish crossover.
๐ฏ Price Target:
TP1: $150
TP2: $153
๐ Stop loss: $147 (Tight SL)
โ ๏ธ Reason: The RSI (6) is oversold and the selling volume is decreasing to show that buyers could step in to defend the price drop. MA25 aligns with $149.7 level shows the $150 zone can be TP1.
๐ป Bearish Trade Setup : Continue Downtrend
โ๏ธ Entry point: below $146 (Looking for a spike in selling volume)
๐ฏ Price Target:
TP1: $143.73
TP2: $138.17
๐ Stop loss (SL): $148
โ ๏ธ Reason: Losing support at $146.21 support level may lead to stronger selling pressure to the lower support levels, potentially triggered by boarder market selling or liquidations.
๐ Suggestion to open positions
๐น Watching the $146-148 zone closely as well as volume and RSI for signs of reversal.
๐น Set alerts at key levels above to react quickly.
