🎉 Gate xStocks Trading is Now Live! Spot, Futures, and Alpha Zone – All Open!
📝 Share your trading experience or screenshots on Gate Square to unlock $1,000 rewards!
🎁 5 top Square creators * $100 Futures Voucher
🎉 Share your post on X – Top 10 posts by views * extra $50
How to Participate:
1️⃣ Follow Gate_Square
2️⃣ Make an original post (at least 20 words) with #Gate xStocks Trading Share#
3️⃣ If you share on Twitter, submit post link here: https://www.gate.com/questionnaire/6854
Note: You may submit the form multiple times. More posts, higher chances to win!
📅 July 3, 7:00 – July 9,
In recent days, the price of Solana ( SOL ) has been oscillating and consolidating within the range of 145-160 USD, attracting widespread market attention. Technical analysis shows that SOL is currently in a sensitive zone, with around 147.84 USD becoming the focal point of contention between bulls and bears.
From the daily chart, the SOL price is currently hovering below the 200-day moving average, and the relative strength indicator (RSI) is at a neutral level, indicating that the market has not yet formed a clear direction. Investors should closely follow the breakout point of $173.45; if it can be effectively broken, it may start a new round of upward momentum. Conversely, if it falls below the support level of $137.24, it could trigger further declines.
The four-hour cycle shows that SOL is exhibiting a slight bearish trend. The EMA9 and EMA21 have formed a death cross, and after the price tested the 200 moving average, it continued to decline, indicating that there is still downside pressure in the short term. Technical analysts suggest that shorting on rallies within the range of $147.84 - $161.83 could be considered, but one must be cautious of the possibility of breaking below $147.84.
On the hourly chart, SOL is oscillating within the range of 137.24-161.83 USD. The Bollinger Bands and moving averages are in a tangled state, indicating unclear direction in the short term. Investors may wait for the price to break out of this range before making trading decisions to avoid frequent entries and exits that could lead to losses in a volatile market.
Overall, SOL is currently at a critical decision point. Investors may consider entering long positions on dips around $147.84, while closely monitoring the breakout at $173.45. If a breakout occurs, it may be appropriate to increase long position size. However, if the price falls below the support level of $137.24, caution is warranted for a potential downward trend.
Regardless of the strategy adopted, it is recommended that investors strictly implement stop-loss measures and adopt a phased approach to control risks. In this uncertain market, maintaining flexible trading thinking and strict risk management is particularly important.