$SOL Today's Strategy:
Recently, due to negative publicity surrounding the Meme coin scandal, Solana's price has faced significant pressure, with a decline of as much as 36% over the past month. As of February 24, 2025, the current price of SOL is $158.44, with a 24-hour trading volume of approximately 2,682,880. Recent price fluctuations have been considerable, with the recent high and low points hovering between $155.38 and $169.69.
Key Technical Indicators
1. RSI Indicator (6, 12, 14): 26.72, 31.28, and 32.85 respectively, all below 50, indicating clear bearish momentum.
2. StochRSI (14): The value is 27.89/30.40, suggesting the market is in an oversold state, with a potential for a rebound.
3. MACD: The value is -12.45, indicating a bearish crossover, further confirming strong downward momentum in the short term.
4. Fibonacci Levels:
- Pivot Point: $178.68
- Resistance Levels: $193.73 (R1), $203.02 (R2), $218.07 (R3)
- Support Levels: $163.63 (S1), $154.34 (S2), $139.29 (S3)
Trading Ideas
Bullish:
- Entry Point: It is recommended to consider going long around $155 (Fibonacci support level S1).
- Target Price: The primary target is $178.68 (Fibonacci pivot point), followed by a potential challenge towards $193.73 (R1).
- Strategy: Establish a long position while setting a stop-loss below $150 to manage downside risk.
Bearish:
- Entry Point: If the price drops below $155, consider going short.
- Target Price: The target is set at the support level of $120.
- Strategy: Establish a short position, with a stop-loss set above $170 to mitigate rebound risk.
