🚀 $SOL Technical Analysis May 5, 2025: THE BEARISH PRESURE CONTINUES, But SHORT-TERM BOUNCE IN PLAY? 🔥
📊 Market Insight
• Current Price: 144.60 USDT.
• Moving Averages:
MA(7): 144.31 (slightly below the current price)
MA(25): 144.88 (slightly above the current price)
MA(99): 145.76 (above the current price)
The price is at a pivotal level. A break above the MA(25) at 144.88 could signal a short-term bullish move, while a drop below 144.31 (MA7) might lead to a retest of the recent low at 142.50.
• MACD Line: -0.11
• RSI:
RSI(6): 54.08
RSI(12): 47.60
RSI(24): 45.63
• Volume: 340,199 (moderate for a 1-hour period).
📊 Important Levels to Watch
🔼 Resistance levels: 144.88 (MA25), 145.76(MA99), 146.13
🔽 Support levels: 144.31 (MA7), 142.50(recent low). If 142.5 breaks, the next psychological support might be around 142.02.
💡 TRADE PLANS:
🐂 Bullish Trade Setup: A break above 144.88
☑️ Entry Point: $145 (entry if price breaks above 144.88 with increasing volume)
🎯 Price Target:
TP1: $145.76 (MA99)
TP2: $146.13
🛑 Stop loss: below $144.31(MA7)
⚠️ Confirmation: Ensure the MACD histogram continues to narrow or turns positive, and RSI(6) rises above 55.
🐻 Bearish Trade Setup : Bearish rejection
☑️ Entry point: below $144.88 (entry if the price fails to break 144.88 and shows a rejection: bearish patterns)
🎯 Price Target:
TP1: $142.5
TP2: $142.02
🛑 Stop loss (SL): above $144.88, at 145
⚠️ Confirmation: Look for a volume spike on the downside and RSI(6) dropping below 50.
📌 Suggestion to open positions today
The market is in a consolidation phase with a slight bullish tilt (RSI(6) above 50, narrowing MACD). A break above 144.88 could lead to a short-term rally, while a failure to break might result in a retest of 142.50.
