Checking in on $SOL ’s weekly chart and there’s a bounce here that’s actually lining up pretty well with a couple things at once.
Price caught support at a level that’s been important before, and it’s not landing there randomly either. It’s also sitting right around the 50% Fib retracement, which is usually one of those spots where you’d expect buyers to step back in if the broader structure is still intact. So this isn’t just price bounced, it’s price bouncing exactly where you’d want it to if the bullish case is still alive.
Now the thing that would actually confirm something more than just a bounce is a sustained break above the descending trendline. Key word being sustained, one green candle poking above it doesn’t count. If $SOL can close above that trendline and hold there, that’s the first real signal the yellow roadmap idea could start playing out to the upside.
Above that, the next hurdle is resistance around $98. That’s the level that’s capped things before, so even if the trendline breaks, $98 is where I’d expect some hesitation or a bit of a fight before anything continues higher.
So basically, bounce is a good sign, trendline break is the confirmation, and $98 is the real test after that.
Not financial advice, just tracking the structure. Anyone else watching that $98 level too?
$SOL #solana
Price caught support at a level that’s been important before, and it’s not landing there randomly either. It’s also sitting right around the 50% Fib retracement, which is usually one of those spots where you’d expect buyers to step back in if the broader structure is still intact. So this isn’t just price bounced, it’s price bouncing exactly where you’d want it to if the bullish case is still alive.
Now the thing that would actually confirm something more than just a bounce is a sustained break above the descending trendline. Key word being sustained, one green candle poking above it doesn’t count. If $SOL can close above that trendline and hold there, that’s the first real signal the yellow roadmap idea could start playing out to the upside.
Above that, the next hurdle is resistance around $98. That’s the level that’s capped things before, so even if the trendline breaks, $98 is where I’d expect some hesitation or a bit of a fight before anything continues higher.
So basically, bounce is a good sign, trendline break is the confirmation, and $98 is the real test after that.
Not financial advice, just tracking the structure. Anyone else watching that $98 level too?
$SOL #solana