Solana has shown strong recovery momentum recently, with buyers stepping in aggressively after the sharp decline.
However, I don’t think this upside move will continue without facing resistance. The current structure is starting to approach an important area where sellers have previously defended, and this could create some short-term pressure.
Right now, SOL is testing a key resistance zone formed by the descending trendline and the supply area around 77.00–79.00. This zone has acted as a barrier before, so chasing longs here could be risky without a confirmed breakout.
The scenario I’m watching is a potential rejection from this area. If sellers step back in and price shows weakness, we could see a pullback toward the 75.00 support zone, where buyers may look for another reaction.
The other scenario is that SOL manages to break above the descending trendline with strong momentum. If that happens, the current bearish pressure would weaken and the recovery could extend further.
For now, the bigger picture is still about waiting for confirmation.
If you’re looking for a long position:
wait for a clean break above resistance
watch for a successful retest before entering
don’t chase directly into a major supply zone
The next reaction around this level will likely decide whether buyers can continue the recovery or sellers regain control.
However, I don’t think this upside move will continue without facing resistance. The current structure is starting to approach an important area where sellers have previously defended, and this could create some short-term pressure.
Right now, SOL is testing a key resistance zone formed by the descending trendline and the supply area around 77.00–79.00. This zone has acted as a barrier before, so chasing longs here could be risky without a confirmed breakout.
The scenario I’m watching is a potential rejection from this area. If sellers step back in and price shows weakness, we could see a pullback toward the 75.00 support zone, where buyers may look for another reaction.
The other scenario is that SOL manages to break above the descending trendline with strong momentum. If that happens, the current bearish pressure would weaken and the recovery could extend further.
For now, the bigger picture is still about waiting for confirmation.
If you’re looking for a long position:
wait for a clean break above resistance
watch for a successful retest before entering
don’t chase directly into a major supply zone
The next reaction around this level will likely decide whether buyers can continue the recovery or sellers regain control.
Trade closed: target reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.