$SOL : Bearish slide towards channel floor!
📉Short Review:
🔼Support: 81.30
🔽Resistance: 86.80
🎯Target: 81.50
❓Why? Solana is currently experiencing a rejection from the local upper boundary of a broad ascending channel. After failing to maintain momentum near the 86.00 zone, the price has started a sharp descent marked by the blue trajectory arrow. We're seeing a breakdown from recent wedge patterns that suggest the short-term trend is flipping bearish until it finds significant liquidity at the lower trendline. Keep a close eye on the 81.00 - 81.50 area for a potential bounce or further breakdown. 📉
📊Details:
📉 Structure Outlook
The H1 chart reveals a series of interlocking wedge patterns within a larger rising channel. The latest rejection from the red resistance line confirms that sellers are currently in control, pushing the price back toward the 81.30 support level.
🎯 Price Action Setup
A clear blue arrow indicates the expected path down to the channel floor. This move is consistent with the corrective nature seen throughout early April, where every peak is followed by a retest of the ascending blue trendline.
Solana remains volatile, so watch for high-volume spikes at the target.