From SOL's recent candlestick chart, the price fluctuation range is gradually narrowing. Yesterday's price continued an upward trend, breaking through the $215 level, and faced resistance around $220, leading to a slight pullback. The 4-hour chart shows intensifying battles between bulls and bears, with short-term moving average support gradually rising. The Bollinger Bands also show signs of opening upwards, indicating that bullish forces are dominant, but pullback risks need to be monitored.
Key Technical Indicator Analysis:
Moving Average Analysis:
MA5 and MA10 are maintaining a golden cross in the short cycle, and the price is currently stabilizing above the short-term moving averages, indicating a bullish short-term trend.
MA50 and MA100 show mid-term support around 210, indicating that bullish advantage has not yet been fully established.
Bollinger Bands:
The middle band of the Bollinger Bands is located around 215, serving as a key support level. The upper band is around 220, indicating that there is a possibility of short-term prices testing the upper band.
If the price falls below the middle band of the Bollinger Bands, be wary of further adjustments to the support range of 210 or even 205.
RSI and MACD:
The RSI indicator is close to 70, indicating that the market may enter the overbought zone in the short term, and caution is needed when chasing prices higher.
The MACD double line has formed a golden cross with increased volume, but the momentum bars have contracted, indicating a weakening of upward momentum in the short term.
Today's operating suggestion:
Based on chart and technical indicator analysis, SOL's current trend is biased towards oscillating upwards, but caution is required regarding short-term pullback risks.
First target (Target Price): $220-225
If the short-term breaks the resistance at 220, consider going long to 225, closely monitoring changes in trading volume.Second target (Extended Target): $230
After breaking through 225, if upward momentum can be sustained, there is a chance to test the $230 level.Stop Loss Level: $210
If the price falls below the middle band of the Bollinger Bands and short-term moving average support, then stop loss and exit the position.
Trading Plan:
If today's opening price remains in the 215-217 range, a small position can be taken long, targeting above 220.
If the price pulls back and stabilizes around 210-212, you can add to your position, continuing to target bullish towards 220 or even 225.
If the price breaks below 210, stop being bullish and reassess the trend direction.
SOL is currently in a stage of oscillating upwards, with bullish forces prevailing, but there is significant pressure above, and it may oscillate repeatedly between 215-220 in the short term. It is recommended that investors control risks well and prioritize monitoring the effectiveness of support in the 210-215 range to avoid chasing prices higher and selling at lows.
Direction: Cautiously bullish, with a focus on the support at 215 and resistance at 220!
