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

SOL

Recently, SOL broke through a descending trendline and pulled back, appearing poised for an upward move, but it has yet to gather significant momentum. On April 7th, the candlestick reflected strong buying pressure: the price dropped 9% intraday but then surged with a sharp increase in trading volume, ultimately closing with a modest 1% gain. This movement has potentially formed a head and shoulders bottom pattern (shown in white on the chart). I believe the price may gradually decline to the Fibonacci 0.382-0.5 retracement levels (between $115 and $122) before resuming its upward trend. If the right shoulder of the pattern also shows a price increase accompanied by rising volume, it could almost certainly confirm an impending trend reversal.

Based on this analysis, here are some reference points for consideration:

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

SUI

SUI has been underperforming recently. After multiple attempts to break its all-time high, the price has shown clear signs of weakness. Since January 5th, the price has been steadily declining, gradually forming a rounding top (saucer top, indicated by the green curve on the chart). Recently, the price broke below the neckline (yellow line on the chart) and pulled back to around the Fibonacci 0.382 level before continuing to fall for four consecutive days.

Using pattern analysis (light blue line on the chart), the expected bottom is approximately at the Fibonacci 1.618 level, which also aligns with a previous support zone. The convergence of these technical elements enhances the pattern’s credibility.

For readers looking to enter a position, here are some reference points:

• 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

Since forming a double top, DOGE has been on a consistent downward trend with no signs of bottoming out. Recently, it broke below a trendline that had been in place since August 2024. After the breakout, the price retraced to the Fibonacci 0.5 level (around $0.169) before dropping sharply.

Using pattern analysis, the target price is estimated at around $0.105, which lies between the Fibonacci 1.272 and 1.414 levels and coincides with the highest volume support zone. Similar to SUI, the alignment of these technical elements strengthens the analysis’s reliability, indicating that DOGE is currently a suitable candidate for shorting.

For readers interested in entering a position, here are some reference points:

• 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: None of the information contained here constitutes an offer (or solicitation of an offer) to buy or sell any currency, product or financial instrument, to make any investment, or to participate in any particular trading strategy.