SOL Market Trend Analysis 20250507 - Day 598

The hourly trend is also moving in sync with Bitcoin. Bitcoin retraced to the 8-hour EMA52 line and formed a rebound, while SOL retraced to the 12-hour and daily EMA52 lines to form a rebound.

The daily chart shows a small bullish candlestick with a doji pattern, and the trading volume is slightly higher than the previous day, which falls within the normal trading volume range.

As we mentioned yesterday, SOL's several days of consolidation has shaken off some traders, but the daily upward trend remains unchanged. Therefore, we expect a new upward wave on the daily chart, driven by the momentum from the 12-hour rise, with the price potentially challenging the 160-180 range.

Around 180 is the upper boundary of the larger trend's consolidation, and after facing pressure here, it will likely retrace.

Daily resistance levels are 160-172-183-204, and support levels are 138-124-112-98-82.