Current trend

Last week, the SOL/USD pair actively declined within the general market trend and reached three-month lows around 121.17, however, it could not consolidate there and resumed growth.

Currently, the quotes are fixed above the central line of Bollinger Bands and are close to the 150.00 mark (Murrey level [4/8]), the breakout of which will ensure growth towards the targets of 162.50 (Murrey level [5/8]) and 175.00 (Murrey level [6/8]). The key mark for the "bears" remains 125.00 (Murrey level [2/8]), which has been tested several times over the past few months but has not been broken down. If this happens, the decline will resume to 112.50 (Murrey level [1/8]) and 100.00 (Murrey level [0/8]), however, this scenario seems less likely.

Technical indicators confirm the formation of a new short-term uptrend in the market: Bollinger Bands are reversing up, Stochastic is pointing in the same direction, and MACD is stable in the negative zone.

Support and resistance

Resistance levels: 150.00, 162.50, 175.00.

Support levels: 125.00, 112.50, 100.00.

Trading tips

Long positions can be opened above the 150.00 mark with targets of 162.50, 175.00 and stop-loss of 141.00. Implementation period: 5–7 days.

Short positions can be opened below the level of 125.00 with targets of 112.50, 100.00 and stop-loss of 134.30.