Current trend

The SOL/USD pair has continued to grow steadily over the past two months amid the beginning of a reduction in the cost of borrowing by the US Federal Reserve and the increasing likelihood of victory in the presidential election for Republican candidate Donald Trump, who has repeatedly demonstrated a loyal position towards digital assets.

The current week was marked by a sharp increase in investments in Bitcoin ETFs: they grew by 1,349.5 million dollars over two sessions. Some experts even suggest that traders have switched to “panic buying”, trying not to miss out on profits in the growing cryptocurrency market. As a result, the SOL/USD pair quotes left the long-term downward channel and consolidated above the 175.00 mark (Murrey level [8/8]), which will ensure continued growth to the targets of 187.50 (Murrey level [ 2/8]) and 200.00 (Murrey level [8/8], W1, the area of April highs). The key support zone for the “bears” appears to be 157.40–156.25 (23.6% Fibonacci retracement, Murrey level [5/8], central line of Bollinger Bands); if it is broken down, the price may return to the descending channel and continue to decline to 137.50 (Murrey level [2/8]) and 125.00 (Murrey level [0/8]).

Technical indicators point to the continuation of the uptrend: Bollinger Bands and Stochastic are directed upwards, and MACD is increasing in the positive zone.

Support and resistance

Resistance levels: 187.50, 200.00.

Support levels: 156.25, 137.50, 125.00.

Trading tips

Long positions can be opened at the current price with targets at 187.50, 200.00 and a stop-loss at 172.70. Implementation period: 5–7 days.

Short positions can be opened below 156.25 with targets at 137.50, 125.00 and a stop-loss at 167.00.