🚀 $SOL Technical Analysis May 8, 2025: TESTING $149.99 RESISTANCE? 🔥
📊 Market Insight
• Current Price: 148.62 USDT.
• Moving Averages (MAs):
MA(7): 148.44
MA(25): 147.54
MA(99): 146.91
The price is above all three MAs, with the MA(7) acting as immediate support and the upward slope indicating a short-term bullish trend.
• Volume: The recent volume (14,054 SOL) is lower than the MA(5) at 39,345 SOL, suggesting a slowdown in momentum after the breakout, though earlier spikes supported the move to $149.99.
• MACD Line: 0.05
• RSI:
RSI(6): 61.37
RSI(12): 61.00
RSI(24): 58.20
The RSI is in neutral to slightly bullish territory, with room for further upside before hitting overbought levels.
📊 Important Levels to Watch
🔼 Resistance levels: 149.99 (recent high), 150.42 (next psychological level), 152.23 (potential target based on prior highs)
🔽 Support levels: 148.44 (MA7), 147.54 (MA25), 146.36 (recent low and MA99)
💡 TRADE PLANS:
🐂 Bullish Trade Setup: Breakout above $149.99
☑️ Entry Point: $149.00 (entry if price breaks above 149.99 with increasing volume)
🎯 Price Target:
TP1: $150.42
TP2: $152.23
🛑 Stop Loss: $147.50 (below MA25 to manage risk)
⚠️ Confirmation: Look for a strong bullish candle close above 149.99, a rising MACD histogram, and RSI(6) moving toward 65.
🐻 Bearish Trade Setup: Rejection at $149.99
☑️ Entry Point: $148.30 (entry if price fails to break 149.99 and shows a bearish rejection with a volume spike)
🎯 Price Target:
TP1: $147.54 (MA25)
TP2: $146.36 (recent low)
🛑 Stop Loss (SL): $149.99 (above recent high)
⚠️ Confirmation: Watch for a bearish candle pattern, RSI(6) dropping below 55, and increased selling volume.
📌 Suggestion to open positions today: #solana is showing signs of consolidation after testing $149.99, with the price at 148.62 holding above key MAs. The neutral RSI and slightly positive MACD suggest a potential continuation if volume picks up, making a bullish setup attractive on a breakout.
