🚨 $SOL Technical Analysis & Market Sentiment 🚨
Solana is flashing critical technical signals on the daily chart. Price is currently hovering around $122.9, sitting exactly on a major long-term demand zone (blue horizontal support). This level has historically acted as a strong base, and once again price has retraced sharply from the recent swing high near $240, completing a clear lower high → lower low structure, confirming a bearish market trend.
From a technical perspective, SOL has broken below key moving averages (not shown but implied by structure), and momentum remains weak. The RSI is hovering in the lower range, not deeply oversold yet, which suggests there is still room for downside before any meaningful bounce. Volume also does not show strong accumulation, indicating buyers are cautious rather than aggressive.
If this $120–$122 support fails decisively, the next downside targets could open toward $105 and even $90, which aligns with previous consolidation zones. A strong daily close below support would likely trigger panic selling and long liquidations.
On the flip side, if bulls defend this level, a short-term relief bounce toward $145–$155 is possible—but that would be a dead-cat bounce unless structure flips bullish.
Market Sentiment:
Currently fear-dominant and defensive. Retail traders are hesitant, while smart money appears to be waiting for either capitulation or confirmation. Influencers calling blind “buy-the-dip” here are ignoring structure. Patience is the real alpha.
⚠️ Conclusion: Trend is bearish. Support is critical. Wait for confirmation—not emotions.
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