[Bitop Review] Today's Technical Analysis: SOL, SUI, DOGE

SOL

Recently, SOL broke through a descending trendline and subsequently pulled back, suggesting potential for upward movement, but lacking significant momentum. A strong buy signal appeared on April 7th: a 9% intraday drop was reversed, accompanied by a surge in trading volume, resulting in a modest 1% daily gain. This action potentially formed a head and shoulders bottom pattern. I anticipate a gradual price decline towards the Fibonacci 0.382-0.5 retracement levels ($115-$122) before a resumption of the upward trend. Confirmation of a trend reversal would likely occur if the right shoulder shows a price increase with rising volume.

Trading Considerations:

• Direction: Long
• Entry: $120 ($115-$122)
• Take Profit: $166 ($147-$180)
• Stop Loss: $108-$113 (Fib 0.236-0.382)

SUI

SUI has underperformed recently. After multiple failed attempts to surpass its all-time high, the price exhibits clear weakness. A steady decline since January 5th has formed a rounding top (saucer top). A recent break below the neckline and subsequent pullback to the Fibonacci 0.382 level, followed by four consecutive days of decline, further confirms this bearish trend.

Pattern analysis suggests a potential bottom near the Fibonacci 1.618 level, coinciding with a previous support zone. This convergence strengthens the predictive power of this pattern.

Trading Considerations:

• Direction: Short
• Entry: $2.12 (Fib 0.618)
• Take Profit: $1.1 (Fib 1.5-1.618)
• Stop Loss: $2.26 - $2.42 (Fib 0.5 - 0.382 + previous high)

DOGE

Following the formation of a double top, DOGE has consistently declined without showing signs of a bottom. A recent break below a trendline (in place since August 2024) and subsequent retracement to the Fibonacci 0.5 level ($0.169) preceded a sharp drop.

Pattern analysis indicates a target price around $0.105, situated between the Fibonacci 1.272 and 1.414 levels and aligning with a high-volume support zone. This convergence of technical indicators suggests a strong case for shorting DOGE.

Trading Considerations:

• Direction: Short
• Entry: $0.158 (Fib 0.618)
• Take Profit: $0.11 (Fib 1.272)
• Stop Loss: $0.168 - $0.17 (Fib 0.5 to previous high)

Disclaimer: This information does not constitute an offer or solicitation to buy or sell any currency, product, or financial instrument, to make any investment, or to participate in any trading strategy.