SOL Crosses $80 Resistance Following 32% Recovery From Market Lows
$SOL surges past the $80 psychological threshold, recording a rapid 32% reversal from its recent local bottom of $60.
This breakout follows a definitive RSI reversal on the daily timeframe, signaling an end to the multi-week price suppression that previously impacted the Solana ecosystem.
$BTC is trying to stabilise after bouncing from the $59,500-$60,300 support zone.
So far, buyers have managed to keep price above that level.
The problem is...
Bitcoin is still sitting below the $61,000 reclaim zone.
That's the level I'm watching.
If Bitcoin can reclaim $61,000 and turn it back into support, I think there's a reasonable case for a move back towards $63,500, where the next major resistance sits.
If it can't...
This still looks like a relief bounce inside a broader downtrend.
For now, the structure is pretty simple.
Hold $59,500-$60,300 and buyers keep control.
Reclaim $61,000 and momentum starts shifting.
Lose support, and I'd expect the market to start exploring lower prices again.
$BTC Has made it to its .786 Fibonacci retracement level from the initial bounce.
If you've been following me for some time, you might have seen me post about these before.
Over the past few years, most of the major local tops & bottoms have been set after a strong bounce and near full retrace into the .786 fibonacci retracement level.
This often makes it so traders & investors alike, expect the previous low or high to be broken, only for it to make a marginally higher low/high and continue the reversal.
This is why this was a level that I had highlighted being pretty much the last stand for the bulls before the $59 level gets tested and likely gives in.
So eyes on this area here. Bulls got work to do. #BTC #BTC, the evolving ecosystem#