🚀 $SOL Technical Analysis May 3, 2025: Can $147-148 zone hold the price for another rebound? 🔥
📊 Market Insight
• Current Price: 148.1 USDT
The price has dropped from a high of 153.99 to 148.11, a decline of about 5.88 points (3.8%). This pullback has brought the price below key moving averages: MA(7) at 148.00, MA(25) at 149.38, and MA(99) at 148.50.
• MACD: The MACD shows bearish momentum with DIF at -0.56, DEA at -0.38, and MACD at -0.18. The negative values indicate that the short-term trend is bearish. However, the MACD lines are converging slightly, suggesting that bearish momentum might be slowing down.
• RSI: The RSI(6) is at 37.25, RSI(12) at 39.98, and RSI(24) at 45.47. These values are approaching oversold territory (below 30), particularly the RSI(6).
• Volume: The volume is at 6.64K, with a recent spike to 426K during the earlier drop.
📊 Important Levels to Watch
🔼 Resistance levels: 148.50 (MA(99)) and 149.38 (MA(25)). A move above these levels could signal a pause in the downtrend.
🔽 Support levels: 141.37 (recent low). If this breaks, the next psychological support might be around 140.00.
💡 TRADE PLANS:
🐂 Bullish Trade Setup: Rebound from $148 level
☑️ Entry Point: $148.3 - $148.5 (entry if price breaks above 151 with increasing volume)
🎯 Price Target:
TP1: $149.38 (MA(25))
TP2: $150.20
TP3: $153.99
🛑 Stop loss: below $148 (MA7)
⚠️ Reason: The RSI nearing oversold territory (37.25 on RSI(6)) suggests a potential bounce or consolidation
🐻 Bearish Trade Setup : a break below $148
☑️ Entry point: below $148
🎯 Price Target:
TP1: $141.37
TP2: $140
🛑 Stop loss (SL): above $148.5 (MA99)
⚠️ Reason: The MACD remains bearish, and the price is below key moving averages, suggesting the downtrend might continue.
📌 Suggestion to open positions today
Keep an eye on the 148.00 support and 149.38 resistance levels, any volume spikes, to gauge the next move.
