๐ $SOL Technical Analysis May 10, 2025: THE BULLS ARE IN CONTROL, TESTING RESISTANCE NEAR $176.15 ๐ฅ
๐ Market Insight
โข Current Price: 171.91 USDT.
โข Moving Averages (MAs):
MA(7): 172.31
MA(25): 169.35
MA(99): 154.36
The MA(7) is slightly above the MA(25), indicating a short-term bullish trend, while the MA(99) lagging far below shows a longer-term uptrend.
โข Volume:
Recent Volume: 12.68M
MA(5): 9.78M
MA(10): 11.41M
The volume is higher than both the MA(5) and MA(10), indicating strong buying interest, but itโs not significantly elevated.
โข MACD Line:
MACD: -0.53 (DIF: 2.69, DEA: 3.21)
The MACD is negative, with the DIF below the DEA, indicating weakening bullish momentum.
โข RSI:
RSI(6): 45.12
RSI(12): 52.06
RSI(24): 57.34
The RSI values are in neutral territory.
๐ Important Levels to Watch
๐ผ Resistance Levels:
176.15
177.73
183.29
๐ฝ Support Levels:
168.49
161.07
154.36
๐ก TRADE PLANS:
๐ Bullish Trade Setup: Breakout above $176.15
โ๏ธ Entry Point: $176.50 (entry if price breaks above 176.15 with sustained volume)
๐ฏ Price Target:
TP1: $177.73
TP2: $183.29
๐ Stop Loss: $168.00 (below recent consolidation zone to manage risk)
โ ๏ธ Confirmation: Look for a strong bullish candle close above 176.15, increasing volume, and a potential MACD bullish crossover.
๐ป Bearish Trade Setup: Rejection at $176.15
โ๏ธ Entry Point: $171.50 (entry if price fails to break 176.15 and shows bearish rejection with a volume spike)
๐ฏ Price Target:
TP1: $168.49 (recent consolidation zone)
TP2: $161.07 (24-hour low)
๐ Stop Loss (SL): $176.15 (above recent high)
โ ๏ธ Confirmation: Watch for a bearish candle pattern (e.g., shooting star or bearish engulfing), RSI(6) dropping below 40, and a MACD bearish crossover confirmation.
๐ Suggestion to open positions today: The current price is near a key resistance at 176.15, but the negative MACD and neutral RSI suggest caution. The volume is decent but not overwhelmingly bullish, indicating a potential consolidation or pullback.
