Solana has confirmed a swing failure pattern (SFP) at the major resistance level around $97, signaling a rejection of higher prices and a potential shift in short-term momentum. This deviation above resistance followed by a swift move back below suggests liquidity has been taken, with sellers stepping in aggressively.
Following this rejection, price has rotated lower and is currently holding the $90 support level. This area is significant, as it aligns with the value area high of the current trading range, making it a key level for maintaining short-term structure.
As long as price remains above $90, there is still a possibility for stabilization and another attempt at reclaiming higher levels. However, this support is now under pressure, and any sustained move below it would weaken the current structure.
If the $90 level is lost, it opens the probability of a deeper corrective move toward the $77 region. This would represent a full rotation within the established range and reinforce the broader sideways market structure.
Until a breakout occurs, Solana remains range-bound, with $97 acting as resistance and $77 as lower support, defining the current trading environment.
Following this rejection, price has rotated lower and is currently holding the $90 support level. This area is significant, as it aligns with the value area high of the current trading range, making it a key level for maintaining short-term structure.
As long as price remains above $90, there is still a possibility for stabilization and another attempt at reclaiming higher levels. However, this support is now under pressure, and any sustained move below it would weaken the current structure.
If the $90 level is lost, it opens the probability of a deeper corrective move toward the $77 region. This would represent a full rotation within the established range and reinforce the broader sideways market structure.
Until a breakout occurs, Solana remains range-bound, with $97 acting as resistance and $77 as lower support, defining the current trading environment.
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Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Claim $1000 Deposit Bonus 🎁
Trade with perks & support the community!
partner.blofin.com/d/TheAlchemist
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— Team The Alchemist ⚔️
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Claim $1000 Deposit Bonus 🎁
Trade with perks & support the community!
partner.blofin.com/d/TheAlchemist
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.