Current trend

Last week, the SOL/USD pair resumed active growth amid the increasing likelihood of Donald Trump coming to power in the US and the start of the US Fed’s interest rate cut at the September meeting.

Currently, the quotes are around ​​two-month highs at 162.50 (Murrey level [5/8]). A consolidation above will allow the price to reach the area of ​​175.00 (Murrey level [6/8]), 187.50 (Murrey level [7/8]), and 200.00 (Murrey level [8/8], Fibonacci correction 0.0%). In case of a breakdown of the middle line of Bollinger Bands 143.30, a decline to the area of ​​125.00 (Murrey level [2/8]) and 112.50 (Murrey level [1/8], Fibonacci correction 50.0%) is expected, which seems less likely at the moment.

Technical indicators confirm the formation of an upward trend. Bollinger Bands are reversing upwards, and the MACD histogram is increasing in the positive zone. Stochastic has entered the overbought zone, which does not exclude a limited correction.

The long-term upward trend in the trading instrument remains, which makes continued price growth soon even more relevant.

Support and resistance

Resistance levels: 162.50, 175.00, 187.50, 200.00.

Support levels: 143.30, 125.00, 112.50.

Trading tips

Long positions may be opened above 162.50 or at a reversal around ​​143.30, with the targets at 175.00, 187.50, and 200.00 and stop losses of 154.00 and 132.00, respectively. Implementation period: 5–7 days.