🚀 $SOL Technical Analysis May 24, 2025: PRICE TESTING SUPPORT NEAR $174.70, SHOWING BEARISH MOMENTUM ⚠️
📊 Market Insight • Current Price: 174.70 USDT • Moving Averages (MAs) are showing a bearish crossover, indicating potential downward pressure. • Volume has spiked recently, suggesting heightened market activity, though the recent drop may indicate profit-taking or a shift in sentiment. • MACD is bearish. • RSI values are in the neutral to oversold territory, suggesting room for further decline before hitting oversold conditions.
📊 Important Levels to Watch 🔼 Resistance Levels: 180.68 188.00 🔽 Support Levels: 172.94 171.19 164.60
💡 TRADE PLANS: 🐂 Bullish Trade Setup: Breakout above $180.68 ☑️ Entry Point: $181.00 (enter if price breaks above 180.68 with bullish momentum confirmation) 🎯 Price Target: TP1: $188.00 🛑 Stop Loss: $175.00 (below the current support to manage risk) ⚠️ Confirmation: Look for a strong bullish candle close above 180.68, a spike in volume, RSI(6) rising above 50, and a MACD bullish crossover with the DIF moving above the DEA.
🐻 Bearish Trade Setup: Breakdown below $172.94 ☑️ Entry Point: $172.50 (enter if price breaks below 172.94 with bearish momentum confirmation) 🎯 Price Target: TP1: $171.19 TP2: $164.60 🛑 Stop Loss (SL): $175.00 (above the support level) ⚠️ Confirmation: Watch for a strong bearish candle close below 172.94, a drop in volume, RSI(6) falling below 30, and the MACD deepening its bearish trend with the DIF dropping further below the DEA.
📌 Suggestion to Open Positions Today: The bearish MACD crossover, declining MAs, and recent price drop suggest potential for further downside, though the RSI indicates the asset is not yet deeply oversold. Traders should wait for a clear breakdown below $172.94 for a bearish setup or a recovery above $180.68 for a bullish move. Given the current volatility and volume spike, strict risk management with stop losses is crucial.
