đ $SOL Technical Analysis May 12, 2025: BULLS SHOWING RESILIENCE, APPROACHING RESISTANCE AT $180 đ„
đ Market Insight
âą Current Price: 173.99 USDT
âą Moving Averages (MAs):
The MA(7) is above the MA(25) indicating a short-term bullish trend. The MA(25) and MA(99) are converging and showing an upward trend, suggesting a strengthening longer-term uptrend.
âą Volume: 570,731,207 might suggest consolidation or profit-taking.
âą MACD shows a mixed signal. The momentum appears to be stabilizing but remains uncertain.
âą RSI:
RSI(6): 57.44
RSI(12): 61.51
RSI(24): 62.94
RSI values are trending downward from overbought territory (above 70) to neutral levels.
đ Important Levels to Watch
đŒ Resistance Levels:
173.99
176.81
180.26
đœ Support Levels:
168.80
163.76
154.24
đĄ TRADE PLANS:
đ Bullish Trade Setup: Breakout above $173.99
âïž Entry Point: $174.50 (enter if price breaks above 173.99 with increased volume)
đŻ Price Target:
TP1: $176.81
TP2: $180.26
đ Stop Loss: $168.80 (below recent support to manage risk)
â ïž Confirmation: Look for a strong bullish candle close above 173.99, a spike in volume, and a MACD line trending upward with the DIF pulling further above the DEA.
đ» Bearish Trade Setup: Rejection at $173.99
âïž Entry Point: $172.50 (enter if price fails to break 173.99 and shows bearish rejection with a volume increase)
đŻ Price Target:
TP1: $168.80
TP2: $163.76
đ Stop Loss (SL): $174.50 (above the resistance)
â ïž Confirmation: Watch for a bearish candle pattern (e.g., shooting star or bearish engulfing), RSI(6) dropping below 50, and a MACD bearish crossover where the DIF falls below the DEA.
đ Suggestion to open positions today: The RSI is transitioning to neutral territory, and the MACD shows mixed signals, suggesting caution. Traders should wait for a clear breakout above 173.99 with confirmation for a bullish setup, or a rejection with bearish signals for a short position. The recent volume drop may indicate consolidation, so patience is key.