Solana has broken below the low of its last impulsive move, forming a new, deeper bottom. The first area where it may find support is the $158 level. If this fails, the next support level lies at $147. At the moment, Solana is clearly in a downtrend on the 4-hour chart. For Solana to resume its upward movement and confirm a trend reversal, it needs to break above the $206 level with a strong, high-volume candle. Currently, Solana might be considered a cheap opportunity only for those looking to hold spot positions long-term. Otherwise, I don't see it as a suitable option for trading.
SOLUSDT here is where I think SOL is headed. Ideally we get the first scenario and everything is nice and tidy. But, I realized we need to be open to the *possibility* that it could put in a double bottom at 126. If we get that scenario, SOL better rip like a bat out of hell to make up lost ground.
SOLUSDT On the daily timeframe using the IMACD and Srsi I see a crossover of the IMACD and SRSI is in oversold territory. Seeing the SRSI needs to come back up to the Overbought area in conjunction with IMACD coming down, there will be sideways and up action until the SRSI gets to its oversold top then a sharp drop back down lower. I say this because normally under most circumstances, when the IMACD crosses over and starts going down, it usually completes coming down to the 0.00 line you see on the right side of the screen. In the picture you see the candle below the 20 EMA, we will likely cross above and then drop below it again. There is a liquidity void in place, and if we make it back up to that we will more than likely retest the 205-207 level before coming back down.
SOLUSDT Now trading around $169 — key support at $168 under pressure. If it breaks, downside targets are $163 → $157 → $154. Watch $145–$154 for a potential bullish reaction 👀
Unfortunately, Solana failed to hold the last low where its most recent impulsive move had started, and it closed below that level. This close also occurred below the MA200 band. In other words, Solana broke a very strong support on the 4-hour chart and moved downward, reaching the previous K-Level zone. It’s hard to say anything positive for Solana at this stage. If the current K-Level fails to hold, Solana may look for support around the $158 level. A long position on Solana is definitely not recommended. I also do not suggest a short position. However, unless there’s a strong reversal, it’s safe to say that Solana has entered a bearish phase on the 4-hour chart.
SOLUSDT #SOL Update #7 – Aug 02, 2025
