SOL · 1H · DOWNTREND
Price rallied hard from the ~65 area all the way to 84+ into early July, then rolled over with a clear sequence of lower highs and lower lows — that structure is now dominant. The current print at 74.85 is sitting right at the prior consolidation zone from mid-June, which acted as resistance on the way up and is now being tested as support from above. The sell-off from 84 to current levels is clean and structured, not a shakeout — I'm reading this as distribution unwinding, and the macro news flow around AI/crypto noise doesn't change my read on the price structure here.
I'm not looking for a long here. The lower high at ~79 followed by this breakdown through 77-76 is bearish continuation to me. I'm waiting for a dead-cat bounce toward 77-78 and watching whether sellers reload there. If they do, that's my entry window.
SHORT SCENARIO
Confirmation
77.00
Rejection at 77.00–78.00 zone with a close back below 76.50 confirms bearish continuation — that zone is where the last consolidation breakdown originated and where sellers should be present.
Invalidation
80.00
Structure negated on a close above 80.00, which would reclaim the prior support-turned-resistance band and shift the lower-high sequence.
Target 1
72.00
Prior swing low and congestion zone from late June.
Target 2
70.00
Major round number and structural support from the June base.
Risk/Reward
(77.00 – 72.00) / (80.00 – 77.00) = 1.7:1
Resistance: 77.00–78.00 / 80.00
Support: 72.00 / 70.00
This is not financial advice. Content is AI-generated.