Hey Traders!
Solana (SOL/USDT) is at a fascinating, yet precarious, technical juncture. We're seeing a tug-of-war between short-term bearish onslaughts and underlying long-term structures. Let's break down what the charts are telling us for early June 2025.
📉 Current Market Pulse:
Short-Term (15M, 1H):
Decidedly BEARISH. Sharp declines, broken supports, and high volume on selling candles signal immediate seller control. Price is well below red MA clouds.
Mid-Term (4H, Daily):
Trend has flipped BEARISH. Multiple ascending trendlines broken after a significant rejection from the $ 185-$ 189 resistance. MA cloud is red and capping rallies.
Long-Term (Weekly):
The established bull trend is under SEVERE PRESSURE. Price is testing the lower boundary of the long-term green MA cloud. The ~$ 100 level looms large as ultimate macro support.
Key Levels You CANNOT Ignore:
Immediate Support Zone: ~$ 150 - $ 155 USDT (Currently being tested! This is the old May consolidation top).
CRITICAL Support: ~$ 140 USDT (Lower boundary of May's yellow consolidation box. A break here could accelerate downside).
ULTIMATE Macro Support: ~$ 100 USDT (THE historical pivot. Acted as major resistance, then powerful support. Vital for the bigger picture).
Immediate Resistance: ~$ 157 - $ 158 USDT (Underside of broken short-term trendline, ST MA cloud).
MAJOR Resistance / "The Wall": ~$ 185 - $ 189 USDT (Proven supply zone, potential double top formation here).
Chart Patterns & Indicator Insights:
Potential Double Top: Strong rejection around $185-$189 hints at a significant local top.
Broken Trendlines: Multiple bullish trendlines on mid-term charts have snapped – a clear warning.
MA Clouds: Red across short/mid-terms acting as resistance. The long-term green cloud is being seriously challenged.
Volume: Recent sharp drops on the short-term charts came with convincing volume spikes, validating selling pressure.
Potential Scenarios on the Horizon:
Bearish Continuation (Higher Probability ST/MT):
Trigger: Clean break and close below $ 140 USDT.
Path: Likely targets $ 125-$ 130 first. Sustained selling could then push SOL towards the critical $ 100 USDT macro support. A break below $ 100 would be a major bearish signal for the long term.
Bullish Reversal (Lower Probability without Strong Catalyst):
Trigger: Strong defense of the $ 140-$ 155 USDT zone, ideally forming a bottoming pattern (e.g., double bottom) on significant buying volume.
Path: Needs to reclaim ~$ 158, then ~$ 170-$175. The real test would be a break above the formidable $ 185-$ 189 resistance to challenge the bearish narrative.
Sideways Grind:
Path: Price could get stuck in a range, potentially between ~$ 140 and ~$ 170 USDT, as bulls and bears battle for control. This means market indecision.
Key Takeaway:
SOL is at a knife's edge. The immediate pressure is downwards. A failure to hold $ 140 could see a swift move to $ 100. Bulls need a heroic stand here and a reclaim of $ 185-$ 189 to turn the tide. Risk management is paramount in this environment!
What are your thoughts? Which scenario do you see playing out for SOL?
Disclaimer: This is not financial advice. Analysis based on provided information for educational purposes only. Markets are volatile. DYOR.
Solana (SOL/USDT) is at a fascinating, yet precarious, technical juncture. We're seeing a tug-of-war between short-term bearish onslaughts and underlying long-term structures. Let's break down what the charts are telling us for early June 2025.
📉 Current Market Pulse:
Short-Term (15M, 1H):
Decidedly BEARISH. Sharp declines, broken supports, and high volume on selling candles signal immediate seller control. Price is well below red MA clouds.
Mid-Term (4H, Daily):
Trend has flipped BEARISH. Multiple ascending trendlines broken after a significant rejection from the $ 185-$ 189 resistance. MA cloud is red and capping rallies.
Long-Term (Weekly):
The established bull trend is under SEVERE PRESSURE. Price is testing the lower boundary of the long-term green MA cloud. The ~$ 100 level looms large as ultimate macro support.
Key Levels You CANNOT Ignore:
Immediate Support Zone: ~$ 150 - $ 155 USDT (Currently being tested! This is the old May consolidation top).
CRITICAL Support: ~$ 140 USDT (Lower boundary of May's yellow consolidation box. A break here could accelerate downside).
ULTIMATE Macro Support: ~$ 100 USDT (THE historical pivot. Acted as major resistance, then powerful support. Vital for the bigger picture).
Immediate Resistance: ~$ 157 - $ 158 USDT (Underside of broken short-term trendline, ST MA cloud).
MAJOR Resistance / "The Wall": ~$ 185 - $ 189 USDT (Proven supply zone, potential double top formation here).
Chart Patterns & Indicator Insights:
Potential Double Top: Strong rejection around $185-$189 hints at a significant local top.
Broken Trendlines: Multiple bullish trendlines on mid-term charts have snapped – a clear warning.
MA Clouds: Red across short/mid-terms acting as resistance. The long-term green cloud is being seriously challenged.
Volume: Recent sharp drops on the short-term charts came with convincing volume spikes, validating selling pressure.
Potential Scenarios on the Horizon:
Bearish Continuation (Higher Probability ST/MT):
Trigger: Clean break and close below $ 140 USDT.
Path: Likely targets $ 125-$ 130 first. Sustained selling could then push SOL towards the critical $ 100 USDT macro support. A break below $ 100 would be a major bearish signal for the long term.
Bullish Reversal (Lower Probability without Strong Catalyst):
Trigger: Strong defense of the $ 140-$ 155 USDT zone, ideally forming a bottoming pattern (e.g., double bottom) on significant buying volume.
Path: Needs to reclaim ~$ 158, then ~$ 170-$175. The real test would be a break above the formidable $ 185-$ 189 resistance to challenge the bearish narrative.
Sideways Grind:
Path: Price could get stuck in a range, potentially between ~$ 140 and ~$ 170 USDT, as bulls and bears battle for control. This means market indecision.
Key Takeaway:
SOL is at a knife's edge. The immediate pressure is downwards. A failure to hold $ 140 could see a swift move to $ 100. Bulls need a heroic stand here and a reclaim of $ 185-$ 189 to turn the tide. Risk management is paramount in this environment!
What are your thoughts? Which scenario do you see playing out for SOL?
Disclaimer: This is not financial advice. Analysis based on provided information for educational purposes only. Markets are volatile. DYOR.
A Haque
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
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.
A Haque
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
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.