Evening SOL Market Analysis on 7.21
The price has gradually risen from the low of 174.73, with MA7 and MA30 maintaining a bullish arrangement. The mid-term upward momentum is quite strong, showing a clear overall upward trend for SOL. However, as the price continues to rise, approaching a potential resistance area from earlier, attention should be paid to the strength of the bulls' subsequent advance.
The Bollinger Bands have slightly narrowed, with the price operating above the middle band. MA7 and MA30 are relatively close and both trending upwards. The MACD indicator shows that bullish momentum has weakened but remains above the zero axis. This indicates that the bulls have the advantage in the short term, but the upward momentum has slowed, and the market may have a certain demand for consolidation.
If the 190.5 - 191.0 range stabilizes, one can take a light long position with a target towards 194.0 - 195.0, and set a stop loss below 190.0.
If the 193.5 - 194.0 range encounters resistance and a clear sign of stagnation appears, one can take a light short position with a target towards 191.5 - 191.0, and set a stop loss above 195.0.
