Current trend

The SOL/USD pair continues its active decline within the general market trend: last week, the price again tested the 162.50 mark (Murrey level [5/8]) but failed to consolidate above it and began a downward rollback. Currently, the instrument is close to a strong resistance level of 125.00 (Murrey level [2/8]), which it has been trying to break through since April. If successful, the decline will be able to continue to the targets of 110.80 (50.0% Fibonacci retracement, Murrey level [1/8]) and 100.00 (Murrey level [0/8]). The key for the “bulls” seems to be the central line of Bollinger Bands around 143.00, and its breakout will allow quotes to return to the levels of 162.50 (Murrey level [5/8]) and 175.00 (Murrey level [6/8]).

Technical indicators confirm the continuation of the short-term downtrend: Bollinger Bands are reversing down, MACD is increasing in the negative zone, and Stochastic is reversing up from the oversold zone, which does not exclude the resumption of growth, but its potential seems limited.

Support and resistance

Resistance levels: 143.00, 162.50, 175.00.

Support levels: 125.00, 110.80, 100.00.

Trading tips

Short positions can be opened below 125.00 with targets at 110.80, 100.00 and a stop-loss at 135.00. Implementation period: 5–7 days.

Long positions can be opened above the 143.00 mark with targets at 162.50, 175.00 and a stop-loss at 132.00.