Current trend

The SOL/USD pair has been actively growing since mid-July, reaching its highs since May at around 182.53, but this week the quotes have adjusted downward, losing some of the positions they had gained.

At the moment, the price has dropped below 175.00 (Murrey level [8/8]), which will lead to a decline towards targets 162.50 (Murrey level [6/8]) and 156.25 (Murrey level [5/8], Fibonacci retracement 23.6%, center line of Bollinger Bands). The key level for the "bulls" seems to be 181.25 (Murrey level [ 1/8]), a repeated breakdown of which will allow reaching 187.50 (Murrey level [ 2/8]) and 199.20 (area of April highs).

In general, the resumption of growth of the SOL/USD pair currently seems to be a more likely scenario, since the upward trend in the market continues, which is confirmed by the upward reversal of Bollinger Bands and the increase in MACD in the positive zone, and the exit of Stochastic from the overbought zone does not exclude the development of a corrective decline, but its potential appears limited.

Support and resistance

Resistance levels: 181.25, 187.50, 199.20.

Support levels: 162.50, 156.25.

Trading tips

Long positions may be opened above 181.25 with targets at 187.50, 199.20 and stop-loss at 177.00. Implementation period: 5-7 days.

Short positions can be opened below 171.00 with targets at 162.50, 156.25 and stop-loss at 177.10.