This week, SOL's weekly line closed with a longer entity bearish candle, with short upper and lower shadows, and trading volume remained basically the same as the previous week, with no panic selling. The weekly MA30 moving average maintains a clear downward trend, and the MACD continues to weaken below the zero axis, indicating that rebound momentum is diminishing. Observing from the weekly level, SOL's recent rebounds have been repeatedly blocked at the MA30 moving average, subsequently entering a fluctuating downward channel. The current price is close to the lower edge of the key support area (near $120), and the weekly MA120 moving average ($115) also forms dual support here, which is expected to become a defensive position for short-term bulls.
Medium-term trend outlook
$120-180 large-scale fluctuation range will continue, current price is close to the lower edge of the range, expected to unfold a 1-2 week consolidation here. However, investors need to be clear that the subsequent trend is more likely to be a rebound rather than a trend reversal. Only an effective breakthrough of the $180 resistance level can confirm the start of a new upward cycle.
Daily level: Oversold rebound is brewing
The daily line has formed a long lower shadow bearish candle, with trading volume slightly increased but still within a normal range. The MA30 moving average continues to press down, and the MACD shows an increase in downward momentum below the zero axis, indicating that any current rise can only be regarded as a rebound. The daily chart has formed a three consecutive bearish structure, although a short-term hourly rebound may occur and transition to daily fluctuations, the overall downward momentum has not yet been fully released. It should be noted that the SOL trend is still highly dependent on Bitcoin's direction; if BTC continues to adjust, SOL is unlikely to fare well on its own.
Operation strategy tips
Short-term rebound targets can focus on the $140-150 area, but after the rebound, it is likely to face pressure and fall back again, and short-term long positions should take profit in time. If the price falls below the $120 support, the next defensive level will move down to $112. Medium to long-term investors can wait for lower positioning opportunities, focusing on the strong support area of $96-79.
Key Point Reference
Upper resistance: $142 (short-term selling pressure), $153 (daily level), $165-177 (weekly strong resistance)
Lower support: $121 (psychological level), $112 (trend support), $96-79 (long-term value range)
Currently, SOL is still in a downward channel, and investors need to remain patient, waiting for clearer stabilization signals. Short-term traders can seize the opportunity of range fluctuations but must strictly control position risks.
