SOL/USDT: Will it continue to plunge, or is a rebound imminent?

June 7, 2025 – Solana (SOL) is currently at a critical point, struggling to hold important support levels under sustained market pressure. The SOL/USDT trading pair has been steadily declining since failing to break through $183.60. It seems that unless a strong bottom is found, it may decline further. Let’s dive into the chart and see what might happen next, along with actions you may consider taking.

Market Overview:

Price: $147.48 (at immediate support)

Trend: Downward, failed to break $183.60

Volume: Moderate, traders are cautious.

Key Insights from the Chart:

RSI (36.89): Close to oversold territory (30). A drop below 30 may indicate a rebound; otherwise, bears still dominate.

Price Action:

Support Levels: $147.17 (under pressure), $142.63, $130.08 (major).

Resistance Levels: $154.82–158.41 (previous support), $183.60 (long-term).

Market Sentiment: Bearish. The price has fallen below $147.17, and the RSI continues to decline.

Potential Trading Strategies:

Bearish (higher probability): If the price falls below $146.84, the target is $142.63, then $130.08. Consider shorting on the breakdown and set a stop-loss above $150.

Bullish (lower probability, needs confirmation): If the price holds above $130.08 and the RSI rebounds above 40, there may be a retest of the resistance zone at $154.82–158.41. Consider entering long near $130 and set strict stop-loss, requiring strong volume confirmation.

Summary: SOL/USDT remains in a bearish trend, with the next major support at $130.08. Traders should watch for: a breakout below $146.84 (potential for further decline) or an oversold RSI near $130 (potential short-term rebound). Always manage risk cautiously.

Disclaimer: This is not financial advice. Please conduct your own research before trading.