$SOL
Technical Analysis of SOL/USDT – Will it rise above 160?
Current Price: 157.13
Daily Increase Percentage: +7.53%
Price Range Over 24 Hours: from 144.68 to 158.65
Analytical Overview:
Strong Rise: from 95.26 to 158.65, SOL recorded a strong ascent and surpassed significant resistance levels.
Trading Above Moving Averages:
EMA7 = 149.47, EMA25 = 143.76, EMA99 = 151.23. The currency is currently trading above EMA7 and EMA25, reflecting strong upward momentum.
Closing above 158.65 is a strong signal for the continuation of the upward trend.
RSI at 78.55: Approaching the overbought zone, indicating the need for caution. A slight correction may occur before the currency continues to rise.
MACD reflects positive momentum, but there is a slight decline in the difference between the lines, indicating the need to monitor market movement.
Proposed Strategy: "Trading in the Momentum Zone"
Conditional Entry: If the price continues to hold above 157.50, this is a buying opportunity with confirmation of momentum continuity.
First Target: 160.00
Second Target: 165.00
Stop Loss: Breaking below the 152.00 level with a candle close under this level.
#Important Note
Due to the breach of resistance levels, it is advisable to closely monitor the price to determine the best entry or exit point, especially with a rising RSI.