🚨 “Solana Market Today: Relief Bounce or Another Drop?”$SOL

Market Structure Analysis

So, the bias stays bearish unless SOL can break through key resistance.

Key Levels

Support zones:

- 123.5–124.0: That’s the big demand zone—the recent low.

- 121.5–122.5: If support breaks, this is where buyers might step in next.

Resistance zones:

- 128.5–130.0: First wall to climb.

- 132.5–134.0: Strong supply zone up here. Bulls only take control above this range.

RSI Check (RSI 6 is about 35)

RSI’s flirting with oversold, but not quite there yet. We’re seeing a small RSI bounce—nothing major, just a bit of relief after the drop. Since it’s still below 50, bearish momentum is alive and well.

In short: RSI says this is just a weak bounce inside a bigger downtrend.

Candles: What’s Next?

The latest candle shows a tiny recovery after a big red flush. Classic stuff—either a dead-cat bounce or just a pause before another leg down. Odds favor more downside, unless we see the price reclaim 130 or higher, and it needs real volume behind it.

Trade Setups

Scenario 1: Short (Higher Probability)

- Sell around 128.5–129.5 (near resistance)

- Stop loss: 132.2

- Targets: First at 124.0, then 121.5

- Risk-reward is solid, about 1:2.5. This setup rides the current trend.

Scenario 2: Long

- This one’s counter-trend and risky.

- Buy around 123.5–124.0 (after a support retest and bullish candle)

- Stop loss: 121.8

- Targets: First at 128.5, then 131.5

- Take some profit early if it bounces.