From SOL's recent candlestick chart, the price fluctuation range is gradually narrowing. Yesterday's price continued an upward trend, breaking through the 215 USD mark, and faced resistance near 220, resulting in a slight pullback. From the 4-hour chart, it can be seen that the battle between bulls and bears is becoming intense, the short-term moving average support is gradually moving up, and the Bollinger Bands also show signs of opening upwards, indicating that the bullish power is dominant, but pullback risks should be monitored.
Key technical indicators analysis:
Moving average analysis:
MA5 and MA10 maintain 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 medium-term support near 210, indicating that the bullish advantage has not yet been fully established.
Bollinger Bands:
The middle band of the Bollinger Bands is located near 215, serving as the current key support level. The upper band is around 220, and there is a possibility of the short-term price testing the upper band.
If the price falls below the middle band of the Bollinger Bands, be wary of the risk of further adjustments to the support zone 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, so caution is needed when chasing gains.
The MACD double line golden cross is expanding, but the momentum bars have contracted, indicating that the upward momentum in the short term is weakening.
Today's operation suggestion:
Based on the analysis of charts and technical indicators, the current trend of SOL leans towards oscillating upward, but short-term pullback risks must be guarded against.
First target (target position): 220-225 USD
If the resistance at 220 is broken in the short term, consider bullish to 225, and closely monitor changes in trading volume.Second target (extended target): 230 USD
If it continues the upward momentum after breaking 225, there is a chance to test the 230 mark.Stop-loss level: 210 USD
If the price falls below the middle band of the Bollinger Bands and the short-term moving average support, a stop-loss should be executed.
Trading plan:
If today's opening price remains in the range of 215-217, consider light buying, targeting above 220.
If the price pulls back to stabilize near 210-212, consider adding positions, targeting to continue bullish to 220 or even 225.
If the price falls below 210, stop being bullish and reassess the trend direction.
SOL is currently in a phase of oscillating upward, with bullish power dominating, 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 highs and selling lows.
Direction: Cautiously bullish, focus on the support at 215 and resistance at 220!
