🚀 $SOL Technical Analysis April 29, 2025: Pressure is building near $149 level! Will we see a BREAKOUT NEXT??? 🔥
📊 Market Insight
• Current Price: 147.08 USDT (up 0.771%)
• 24H High/Low: 153.40 / 145.38
• Moving Averages:
MA(7): 147.72
MA(25): 148.67
MA(99): 149.72
• Volume: 117,620.203 SOL (recent spike to 657K)
• Indicators:
RSI(6): 38.54 (oversold territory)
RSI(12): 43.28
RSI(24): 45.81
MACD: -0.05 (bearish, but narrowing)
DIF: -0.36
DEA: -0.31
• The price has been in a downtrend, dropping from a high of around 153.40 to a low of 144.63 before recovering to 147.08.
• The current price is below all three moving averages (MA7, MA25, MA99), which suggests bearish momentum in the short to medium term.
• However, the price is showing signs of stabilization around the 147 level, with a slight bounce from the recent low of 144.63.
📊 Important Levels to Watch
🔽 Support levels: $144.63, $140
🔼 Resistance levels: $147.72(MA7), $148.67(MA25) and 149.72 (MA99)
💡 TRADE PLANS:
🐂 Bullish Trade Setup: A Short-term Bounce.
☑️ Entry Point: $145-$146 (If the price can hold in this levels)
🎯 Price Target:
TP1: $147.72
TP2: $148.67
TP3: $149.72
🛑 Stop loss: $143 (Tight SL)
⚠️ Reason: The RSI(6) is oversold and a bullish MACD crossover would confirm the uptrend. A break above $147.72 will confirm this scenario.
🐻 Bearish Trade Setup : Further Decline
☑️ Entry point: below $145 (when $144.63 support level breaks)
🎯 Price Target:
TP1: $144.1
TP2: $140
🛑 Stop loss (SL): $147
⚠️ Reason: Losing support at $144.63 support level 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.
