🚀 $SOL Technical Analysis May 7, 2025: BOUNCING BACK TOWARD $150 RESISTANCE? 🔥
📊 Market Insight
• Current Price: 145.88 USDT, reflecting a recent upward movement from the 141.32 low.
• Moving Averages (MAs):
MA(7): 146.79
MA(25): 144.70
MA(99): 145.94
The price is now approaching the MA(7) at 146.79 and is above the MA(25) and MA(99), suggesting a potential short-term bullish shift if it holds above 145.94.
• Volume: The earlier spike during the drop has subsided, and the recent green bars suggest buying interest is returning, supporting the upward move.
• MACD Line: 0.39
• RSI:
RSI(6): 48.38
RSI(12): 52.40
RSI(24): 51.48
The RSI is moving toward neutral territory.
📊 Important Levels to Watch
🔼 Resistance levels: 146.79 (MA7), 148.64 (potential next resistance based on recent highs), 150.00 (psychological level)
🔽 Support levels: 145.00 (current psychological support), 143.80 (recent low), 141.00 (next support if the price reverses)
💡 TRADE PLANS:
🐂 Bullish Trade Setup: Breakout above MA(7)
☑️ Entry Point: $146.50 (entry if price breaks above 146.79 with increasing volume)
🎯 Price Target:
TP1: $148.64
TP2: $150.00
🛑 Stop loss: below $145.00
⚠️ Confirmation: Look for a bullish candle close above 146.79, a narrowing MACD histogram, and RSI(6) rising above 55.
🐻 Bearish Trade Setup: Rejection at resistance
☑️ Entry Point: below $145.00 (entry if price fails to break 146.79 and shows rejection with a volume spike)
🎯 Price Target:
TP1: $143.80
TP2: $141.00
🛑 Stop loss (SL): above $146.79
⚠️ Confirmation: Watch for a bearish candle pattern and RSI(6) dropping below 45 with increased volume.
📌 Suggestion to open positions today: #solana is showing signs of a potential short-term recovery, with the price at 145.88 approaching the MA(7) resistance at 146.79. The improving RSI and positive MACD suggest a possible bounce.
