🚀 $SOL Technical Analysis May 4, 2025: THE BEARISH PRESURE CONTINUES, Buy the DIP? 🔥
📊 Market Insight
• Current Price: 145.67 USDT
• Moving Averages:
MA(7): 146.79 (slightly above the current price)
MA(25): 147.44 (above the current price)
MA(99): 148.37 (further above the current price)
The price is below all three moving averages, which suggests a bearish trend in the short term.
• MACD Line: -0.07
The negative MACD suggests that the downward momentum could persist for the next few hours.
• RSI:
RSI(6): 30.75
RSI(12): 35.94
RSI(24): 40.92
The RSI values are all below 50, with RSI(6) at 30.75, which is very close to the oversold threshold (typically 30 or below).
• Volume: There is no significant spike during the recent decline, this is not a panic selling.
📊 Important Levels to Watch
🔼 Resistance levels: 146.79 (MA7), 147.79(MA25), 149.5
🔽 Support levels: 145.67 (recent low). If this breaks, the next psychological support might be around 140.00.
💡 TRADE PLANS:
🐂 Bullish Trade Setup: A break above 146.79
☑️ Entry Point: $146.7 - 146.9 (entry if price breaks above 146.79 with increasing volume)
🎯 Price Target:
TP1: $147.79 (MA(7))
TP2: $149.5
🛑 Stop loss: below $145.75(tight SL)
⚠️ Reason: The RSI nearing oversold territory suggests a potential bounce or consolidation. This would require a noticeable increase in volume and a MACD crossover above the signal line.
🐻 Bearish Trade Setup : a break below $145.67
☑️ Entry point: below $145.67
🎯 Price Target:
TP1: $141.37
TP2: $140
🛑 Stop loss (SL): above $146.7
⚠️ Reason: The MACD remains bearish, and the price is below key moving averages, suggesting the downtrend might continue.
📌 Suggestion to open positions today
Keep an eye on the RSI for oversold conditions, the MACD for momentum shifts, and volume for confirmation of any breakout or breakdown.
