SOL/USDT 1-Hour K-line Analysis: Oversold Rebound Continues, Medium-term Downward Pressure Still Present

Key Support and Resistance Levels

• Resistance Levels

1. First Resistance: 123.04 (MA20), is the immediate resistance during the short-term rebound. Breaking through this level could lead to 124.36 (MA30).

2. Second Resistance: 125.52 (MA50), this medium-term moving average is an important dividing line between bulls and bears.

3. Third Resistance: 127.00 (MA100), only after breaking this level can the medium-term downward pressure be alleviated.

• Support Levels

1. First Support: 120.28 (MA5), is the current short-term support for the rebound. Losing this level may trigger profit-taking and exit.

2. Second Support: 117.07 (Recent Low), is the extreme low point of this decline. Falling below this could open a new round of downward space.
Technical Indicator Analysis

• Moving Averages: The short-term MA5 crosses above MA10 to form a golden cross, indicating a revival of short-term bullish momentum. However, the price remains below MA20, MA30, MA50, and MA100, with medium-term moving averages in a bearish arrangement, and downward pressure has not been fully relieved.

• MACD Indicator: MACD value (0.02) is close to zero, with DIF line approaching DEA line upward. The green bars are narrowing, indicating that the downward momentum is weakening and rebound momentum is building.

• RSI Indicator: The value is 46.23, in a neutral to slightly bearish zone, not yet entering a strong zone, reflecting that bullish strength still needs further confirmation.

• Volume: During the rebound, volume has gradually increased, showing funds are entering the market, but there has been no explosive growth in volume, and cautious sentiment among investors still exists.
Summary and Trading Suggestions

Currently, SOL/USDT is in a pattern of “oversold rebound continuation, with medium-term downward pressure still present.” If the price breaks above 123.04 (MA20) with volume and stabilizes, it can be considered bullish, targeting 124.36 (MA30). If it retraces and breaks below 120.28 (MA5), caution should be taken for a second bottom, and the effectiveness of the support at 117.07 should be closely monitored.