Solana remains locked in a corrective sequence, unwinding from the mid-June $164 high. Price has now respected a clearly defined descending trendline, recently validating it with a third consecutive rejection—establishing it as dominant short-term resistance. Compression is now occurring just above a well-tested 2H order block near 144–139, where bulls must respond or risk cascading into inefficiency zones.
Structural and Momentum Breakdown:
Descending Resistance Structure: Three clean rejection wicks off the same trendline establish this as firm structural resistance. The latest failed bounce confirms this diagonal as active seller control.
Fib Cluster Rejection: Price has struggled below the 50–61.8% retracement (152–155 zone) from the June high, marking that cluster as distribution resistance.
Volume Profile (VRVP): Sitting atop a low-volume pocket between 144.88 and 139.71; below that lies high-acceptance around 132.
Volumized OB Zones: 2H OB between 144–139 overlaps with key support shelf—any breakdown from here opens path to 132–129 range sweep.
RSI: Persistently sub-40 with no bullish divergence—momentum continues to degrade.
PVT: Flat-to-declining, showing no inflow response to support retests—suggests buyers are stepping back even at local lows.
Example Trade Strategy:
Bullish Reclaim Setup:
Entry: Only with breakout and 2H close above 152–153 (above OB and breaking descending resistance).
SL: Below 144.50 (reclaim invalidation).
TP1: 158–160 (Fib 78.6%)
TP2: 164 (100% retrace)
Confirmation Criteria: RSI >50 + breakout volume + PVT uptick.
Bearish Continuation Setup (If OB breaks):
Entry: 2H close under 144.88, confirming OB loss and trend continuation.
SL: Above 148.
TP1: 140
TP2: 138
TP3: 132–129 (macro demand + HVN)
Confirmation Criteria: Momentum stays sub-40 RSI, increased sell volume, and continued PVT drop.
Structural and Momentum Breakdown:
Descending Resistance Structure: Three clean rejection wicks off the same trendline establish this as firm structural resistance. The latest failed bounce confirms this diagonal as active seller control.
Fib Cluster Rejection: Price has struggled below the 50–61.8% retracement (152–155 zone) from the June high, marking that cluster as distribution resistance.
Volume Profile (VRVP): Sitting atop a low-volume pocket between 144.88 and 139.71; below that lies high-acceptance around 132.
Volumized OB Zones: 2H OB between 144–139 overlaps with key support shelf—any breakdown from here opens path to 132–129 range sweep.
RSI: Persistently sub-40 with no bullish divergence—momentum continues to degrade.
PVT: Flat-to-declining, showing no inflow response to support retests—suggests buyers are stepping back even at local lows.
Example Trade Strategy:
Bullish Reclaim Setup:
Entry: Only with breakout and 2H close above 152–153 (above OB and breaking descending resistance).
SL: Below 144.50 (reclaim invalidation).
TP1: 158–160 (Fib 78.6%)
TP2: 164 (100% retrace)
Confirmation Criteria: RSI >50 + breakout volume + PVT uptick.
Bearish Continuation Setup (If OB breaks):
Entry: 2H close under 144.88, confirming OB loss and trend continuation.
SL: Above 148.
TP1: 140
TP2: 138
TP3: 132–129 (macro demand + HVN)
Confirmation Criteria: Momentum stays sub-40 RSI, increased sell volume, and continued PVT drop.
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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.
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.