🚀 $SOL Technical Analysis April 28, 2025: BEARISH CONTINUATION or we are soon to see a REBOUND?🔥
📊 Market Insight
• Current Price: 145.60 USDT, down 1.13%.
• The 1H chart shows a recent downtrend after SOL hit a high around 157.62. The price has dropped significantly, breaking below the 144.63 level (a previous support) and is now testing the 145.60 area.
• The price is below the MA(7) at 147.46, MA(25) at 147.99, and MA(99) at 149.85, indicating bearish momentum in the short to medium term.
• RSI: The RSI(6) is at 27.66, RSI(12) at 34.86, and RSI(24) at 40.47. These levels are approaching oversold territory (typically below 30 for RSI). An RSI this low often indicates that the asset might be due for a bounce or at least a pause in the downtrend, as selling might be overextended.
📊 Important Levels to Watch
🔽 Support levels: $144.01, $140
🔼 Resistance levels: $147.46(MA7), $149.85(MA99) and 153.08
💡 TRADE PLANS:
🐂 Bullish Trade Setup: A Short-term Bounce.
☑️ Entry Point: $144-145 (If the price can hold in this levels)
🎯 Price Target:
TP1: $147.46
TP2: $149.85
TP3: 153.08
🛑 Stop loss: $143 (Tight SL)
⚠️ Reason: The RSI (6) is oversold and a bullish MACD crossover would confirm the uptrend.
🐻 Bearish Trade Setup : Continue Downtrend
☑️ Entry point: below $145 (Looking for a spike in selling volume)
🎯 Price Target:
TP1: $144.1
TP2: $140
🛑 Stop loss (SL): $147
⚠️ Reason: Losing support at $145 support zone may lead to stronger selling pressure to the lower support levels, potentially triggered by boarder market selling or liquidations.
📌 Suggestion to open positions today
Look for a spike in buying volume or a bullish MACD crossover for signs of a reversal. Conversely, if selling volume increases again and RSI drops further, the downtrend will likely continue.
