Current trend

Since mid-May, the SOL/USD pair has continued to form a downtrend: on the weekend, the price reached four-week lows around 122.00, but could not break below and adjusted upwards. The key mark for the "bears" remains 125.00 (Murrey level [2/8]), consolidation below which will lead to a resumption of decline towards the targets of 112.50 (Murrey level [1/8], 50.0% Fibonacci retracement) and 100.00 (Murrey level [0/8]). If the resistance zone 144.00–150.00 (the central line of Bollinger Bands, Murrey level [4/8]) is broken up, growth may resume towards the targets of 175.00 (Murrey level [6/8]) and 187.50 (Murrey level [7/8]), however, this scenario seems less likely.

Technical indicators confirm a continued decline: Bollinger Bands are pointing down, MACD is stable in the negative zone, while Stochastic is directed up, but it is approaching the overbought zone and may change direction in the near future.

Support and resistance

Resistance levels: 150.00, 175.00, 187.50.

Support levels: 125.00, 112.50, 100.00.

Trading tips

Short positions can be opened below the 125.00 mark with targets of 112.50, 100.00 and stop-loss of 134.30. Implementation period: 5–7 days.

Long positions can be opened above the level of 150.00 with targets of 175.00, 187.50 and stop-loss of 141.00.