๐ $SOL Technical Analysis August 02, 2025: PRICE STANDS AT $162.79 WITH BEARISH MOMENTUM ๐
๐ Market Insight โข Current Price: $162.79 USDT โข Moving Averages (MAs) indicate a bearish shift with MA(7) at 164.83, MA(25) at 173.88, and MA(99) at 182.79, showing price below all MAs. โข Volume is significant at 162.79M USDT, with a 3.89% decline suggesting reduced buying pressure. โข MACD shows a bearish trend with DIF at -5.14 and DEA at -4.44, indicating strong downward momentum. โข RSI values suggest an oversold zone, with RSI(6) at 18.26, indicating potential for a bounce or further decline.
๐ Important Levels to Watch ๐ผ Resistance Levels: $164.83 $173.88 $182.79 ๐ฝ Support Levels: $159.20 $157.04
๐ก TRADE PLANS: ๐ Bullish Trade Setup: Reversal above $164.83 โ๏ธ Entry Point: $165.00 (enter if price breaks above $164.83 with bullish momentum confirmation) ๐ฏ Price Target: TP1: $173.88 TP2: $182.79 ๐ Stop Loss: $164.50 (below the resistance to manage risk) โ ๏ธ Confirmation: Look for a strong bullish candle close above $164.83, an increase in volume, RSI(6) rising above 30, and MACD showing a bullish crossover.
๐ป Bearish Trade Setup: Breakdown below $159.20 โ๏ธ Entry Point: $158.90 (enter if price drops below $159.20 with bearish momentum confirmation) ๐ฏ Price Target: TP1: $157.04 ๐ Stop Loss: $159.50 (above the current support) โ ๏ธ Confirmation: Watch for a strong bearish candle close below $159.20, a decline in volume, RSI(6) dropping below 15, and the MACD confirming bearish momentum.
๐ Suggestion to Open Positions Today: The current price action reflects strong bearish momentum with a 3.89% decline and an oversold RSI(6). A breakdown below $159.20 could lead to further losses, while a recovery above $164.83 might signal a reversal. Monitor volume and RSI for potential shifts before entering positions.
