SOL Market Trend Analysis 20250505 - Day 596

The weekly chart shows a small bearish candlestick with a doji pattern, and the trading volume is more than one-third less than the previous week, indicating a sideways trend.

The price has rebounded from the weekly MA120 line for three consecutive weeks back to the vicinity of the weekly EMA52 line, with the former support level now turning into a resistance level, causing the price to struggle against upward momentum.

The rebound at the weekly level has not yet ended; after a short-term adjustment, it will continue to rebound. Currently, we are waiting for Bitcoin to adjust accordingly.

From the chart, we can see that the price is still oscillating within the red box, with the midline of the red box (140) and the bottom area (120) being excellent buying positions.

The weekly MA30 line is currently flat, and the MACD shows a weakening downward momentum near the zero line. In the next two weeks, as long as we see a long-bodied bullish candlestick, the MACD will form a golden cross, and the upward momentum will become stronger, driving the price to continue rising.

The first target for the upward movement at the weekly level will be near the MA30 line, which is around 180.