$SOL is showing a clear bearish structure on the 1H chart, with price rejecting hard from the $75 resistance zone and printing a series of lower highs and lower lows ever since. The selloff accelerated after losing the $72 area, and every bounce has been met with fresh selling pressure.
What stands out now is that price has returned to the $68 support region, while RSI has dropped into oversold territory near 27. This suggests downside momentum is becoming stretched, but buyers still haven't shown enough strength to confirm a reversal.
From a trader's perspective, this looks like a market searching for a bottom after a sharp correction. A hold above $67.5-$68 could trigger a relief bounce, but bulls need to reclaim $70-$71 before the trend starts shifting back in their favor.
For now, sellers remain in control, but with RSI oversold and price sitting on key support, I'm watching closely for signs of accumulation. The next reaction from this zone will likely determine whether SOL gets a meaningful recovery or another leg lower. ⚡📈🔥
Trade #sol here
$O h$NES
What stands out now is that price has returned to the $68 support region, while RSI has dropped into oversold territory near 27. This suggests downside momentum is becoming stretched, but buyers still haven't shown enough strength to confirm a reversal.
From a trader's perspective, this looks like a market searching for a bottom after a sharp correction. A hold above $67.5-$68 could trigger a relief bounce, but bulls need to reclaim $70-$71 before the trend starts shifting back in their favor.
For now, sellers remain in control, but with RSI oversold and price sitting on key support, I'm watching closely for signs of accumulation. The next reaction from this zone will likely determine whether SOL gets a meaningful recovery or another leg lower. ⚡📈🔥
Trade #sol here
$O h$NES