🚀 $SOL Technical Analysis May 18, 2025: BEARS MAINTAIN CONTROL, PRICE HITS SUPPORT AT $165 - $166 ZONE ⚠️
📊 Market Insight
• Current Price: 166.86 USDT
• Moving Averages (MAs) are showing a bearish trend.
• Volume is moderate at 1.81M SOL over 24 hours, with a USD value of 303.04M, suggesting steady selling pressure with limited buying interest.
• MACD is bearish, indicating continued downward momentum.
• RSI values are nearing neutral territory, suggesting potential for a reversal if oversold conditions develop.
📊 Important Levels to Watch
🔼 Resistance Levels:
170.34
174.21
177.66
🔽 Support Levels:
164.01
163.50
159.00
💡 TRADE PLANS:
🐂 Bullish Trade Setup: Reversal above $170.34
☑️ Entry Point: $170.50 (enter if price breaks above 170.34 with bullish momentum confirmation)
🎯 Price Target:
TP1: $174.21
TP2: $177.66
🛑 Stop Loss: $167.23 (below the MA(7) to manage risk)
⚠️ Confirmation: Look for a strong bullish candle close above 170.34, a spike in volume, RSI(6) rising above 70, and a MACD bullish crossover with the DIF moving above the DEA.
🐻 Bearish Trade Setup: Continuation below $164.01
☑️ Entry Point: $163.90 (enter if price breaks below 164.01 with increased volume and bearish confirmation)
🎯 Price Target:
TP1: $163.50
TP2: $159.00
🛑 Stop Loss (SL): $166.86 (above the current price level)
⚠️ Confirmation: Watch for a bearish candle pattern (e.g., bearish engulfing), RSI(6) dropping below 40, and the MACD maintaining its bearish trend with the DIF staying below the DEA.
📌 Suggestion to Open Positions Today:
The price is currently testing the $166-$164 support zone, with a slight bounce at 164.01. Consider waiting for a clear break below $164.01 with bearish confirmation for a short position, or a decisive move above $170.34 with bullish confirmation for a long position. Given the bearish momentum and proximity to support, tight risk management is crucial.
