SOL Market Trend Analysis 20250515 - Day 606

Yesterday morning, after a quick rise to around 185, there was a rapid decline. In the afternoon, there was another attempt to rise, but the price did not break through to a new high. Following that, it experienced a downward fluctuation, currently hovering near the 4-hour MA30 line with narrow oscillations.

This wave of increase is at the 12-hour level, and it has only returned to the 4-hour level. If Bitcoin continues to decline, SOL will definitely follow suit. A short position can be taken when it returns to the 4-hour EMA52 line, with the current price around 168.8.

The daily level has closed with a bearish candle that has both upper and lower shadows. The body of the bearish candle engulfs half of the body of the previous bullish candle, while the MACD shows a weakening upward momentum. Therefore, the following downward correction will continue.

The upward trend at the daily level has not yet ended; the price declines are merely adjustments, providing opportunities for entry. The first strong support remains at the daily MA120 line, with the price around 162.5.

Daily level resistance levels are 196-220-244, and support levels are 163-154-142-124.