🚀 $SOL Technical Analysis May 9, 2025: THE BULLS TAKE CONTROL - BREAKING $164.60 RESISTANCE? 🔥
📊 Market Insight
• Current Price: 163.22 USDT.
• Moving Averages (MAs):
MA(7): 162.70
MA(25): 157.03
MA(99): 148.54
The price is above all three MAs, with the MA(7) acting as immediate support.
• Volume: The recent volume (1.78M SOL) is significantly higher than the MA(5) at 143,014 SOL and MA(10) at 224,257 SOL, showing strong buying momentum.
• MACD Line:
MACD: 0.17 (DIF: 3.50, DEA: 3.33)
• RSI:
RSI(6): 64.04
RSI(12): 68.63/
RSI(24): 68.82
The RSI is in bullish territory, approaching overbought levels (above 70).
📊 Important Levels to Watch
🔼 Resistance Levels:
164.60 (24-hour high and recent peak)
165.74 (next psychological level)
170.00
🔽 Support Levels:
162.70 (MA7)
157.03 (MA25)
149.10 (recent consolidation zone)
💡 TRADE PLANS:
🐂 Bullish Trade Setup: Breakout above $164.60
☑️ Entry Point: $164.70 (entry if price breaks above 164.60 with sustained volume)
🎯 Price Target:
TP1: $165.74
TP2: $170.00
🛑 Stop Loss: $161.50 (below MA7 to manage risk)
⚠️ Confirmation: Look for a strong bullish candle close above 164.60, rising volume, and RSI(6) approaching 70 without sharp reversal signals.
🐻 Bearish Trade Setup: Rejection at $164.60
☑️ Entry Point: $162.50 (entry if price fails to break 164.60 and shows bearish rejection with a volume spike)
🎯 Price Target:
TP1: $157.03 (MA25)
TP2: $149.10 (recent consolidation zone)
🛑 Stop Loss (SL): $164.60 (above recent high)
⚠️ Confirmation: Watch for a bearish candle pattern (e.g., shooting star or bearish engulfing), RSI(6) dropping below 60, and increased selling volume.
📌 Suggestion to open positions today: The high volume and positive MACD support a potential continuation, but the RSI nearing overbought levels warrants caution. A breakout above 164.60 could signal further upside, making a bullish setup attractive, though traders should be prepared for a pullback if resistance holds.
