Key Observations:
1. Bearish Momentum Intensifying
SOL has been in a steady downtrend since its recent local high near $190, forming lower highs and lower lows on the 4H timeframe.
The current price sits around $147.63, having broken below a minor support level near $149.81.
2. Key Support Level: $124.50
The green horizontal line at $124.50 marks a critical demand zone, which acted as a launchpad during the April rally.
A clear blue arrow on the chart suggests a potential bearish continuation into that zone.
3. Structure and Price Action
The market is forming a descending channel, respecting key horizontal levels.
If the current downward pressure persists, a retest of the $124.50–$125 area looks likely.
Levels to Watch
Immediate Resistance: $149.80 – previous support now flipped
Support Zone: $124.50 – demand-based with prior reaction history
Trend: Bearish in short-to-mid term
Trade Setup Idea (Not Financial Advice)
Entry: $147–$149
Target: $125
Stop Loss: $155 (above minor structure)
Note to Traders
This setup leverages classic support-flip mechanics and momentum-based sell-offs. Watch for confirmation via volume spikes or sharp candle closes. As always, adjust sizing based on your risk tolerance.
1. Bearish Momentum Intensifying
SOL has been in a steady downtrend since its recent local high near $190, forming lower highs and lower lows on the 4H timeframe.
The current price sits around $147.63, having broken below a minor support level near $149.81.
2. Key Support Level: $124.50
The green horizontal line at $124.50 marks a critical demand zone, which acted as a launchpad during the April rally.
A clear blue arrow on the chart suggests a potential bearish continuation into that zone.
3. Structure and Price Action
The market is forming a descending channel, respecting key horizontal levels.
If the current downward pressure persists, a retest of the $124.50–$125 area looks likely.
Levels to Watch
Immediate Resistance: $149.80 – previous support now flipped
Support Zone: $124.50 – demand-based with prior reaction history
Trend: Bearish in short-to-mid term
Trade Setup Idea (Not Financial Advice)
Entry: $147–$149
Target: $125
Stop Loss: $155 (above minor structure)
Note to Traders
This setup leverages classic support-flip mechanics and momentum-based sell-offs. Watch for confirmation via volume spikes or sharp candle closes. As always, adjust sizing based on your risk tolerance.
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.
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.