Solana (SOL) remains under selling pressure after rejecting from a major area of technical confluence formed by the 0.618 Fibonacci retracement and the Point of Control (POC). The rejection reinforces the current bearish market structure and suggests that buyers have so far failed to regain meaningful control.
Although SOL attempted a recovery from recent lows, the bounce lacked strong bullish volume, reducing the probability that the move marks the beginning of a sustained reversal. Weak participation from buyers often signals that rallies are corrective in nature rather than impulsive, leaving the broader trend vulnerable to further downside.
The next key level to monitor is the $70 high-timeframe support. This is an important demand zone where buyers are expected to defend the market. However, if price loses this support on a closing basis, the probability increases for a rotational move toward the $62 support, which represents the next major downside objective within the current bearish structure.
From a technical perspective, Solana continues to favor the bears while price remains below the rejected resistance zone and buying volume stays subdued. Until stronger bullish momentum returns, the path of least resistance remains lower.
For now, traders should closely monitor the reaction around $70, as holding this level could stabilize price, while a breakdown would likely accelerate the move toward $62.
Although SOL attempted a recovery from recent lows, the bounce lacked strong bullish volume, reducing the probability that the move marks the beginning of a sustained reversal. Weak participation from buyers often signals that rallies are corrective in nature rather than impulsive, leaving the broader trend vulnerable to further downside.
The next key level to monitor is the $70 high-timeframe support. This is an important demand zone where buyers are expected to defend the market. However, if price loses this support on a closing basis, the probability increases for a rotational move toward the $62 support, which represents the next major downside objective within the current bearish structure.
From a technical perspective, Solana continues to favor the bears while price remains below the rejected resistance zone and buying volume stays subdued. Until stronger bullish momentum returns, the path of least resistance remains lower.
For now, traders should closely monitor the reaction around $70, as holding this level could stabilize price, while a breakdown would likely accelerate the move toward $62.
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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
Stay sharp, trade smart.
— 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 ⚔️
Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.