🚀 $SOL Technical Analysis May 6, 2025: HOLDING STRONG ABOVE $140-$142 SUPPORT ZONE? 🔥
📊 Market Insight
• Current Price: 144.25 USDT, down 0.25%.
• Moving Averages (MAs):
MA(7): 144.33
MA(25): 145.97
MA(99): 146.55
The price has recently dropped significantly from a high of 153.99 to a low of 143.80, indicating a sharp correction. The price is currently below all three moving averages, suggesting bearish momentum in the short term. However, the price seems to be stabilizing around the 144 level, potentially forming a consolidation zone.
• Volume: spiked during the sharp drop (as seen in the red bars on the volume indicator), indicating strong selling pressure.
• MACD Line: -0.22 (negative, indicating bearish momentum).
• RSI:
RSI(6): 30.03
RSI(12): 32.45
RSI(24): 39.88
📊 Important Levels to Watch
🔼 Resistance levels: 144.33 (MA7), 145.97, 146.13
🔽 Support levels: 143.8, 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 144.33
☑️ Entry Point: $145 (entry if price breaks above 144.33 with increasing volume)
🎯 Price Target:
TP1: $145.97
TP2: $146.13
🛑 Stop loss: below $143.80
⚠️ 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 $143.8 (entry if the price fails to break 144.33 and shows a rejection: bearish patterns)
🎯 Price Target:
TP1: $143.6
TP2: $142.5
TP3: $142.02
🛑 Stop loss (SL): above $144.65
⚠️ Confirmation: Look for a volume spike on the downside and RSI(6) dropping below 50.
📌 Suggestion to open positions today:
#solana is likely to consolidate between 143.80 and 144.65 unless a clear breakout occurs. A short-term bounce is possible due to the oversold RSI, but bearish momentum could continue if the price fails to break above 144.33.
