SOL · 1H · DOWNTREND
Price has been in a clean descending structure since early July, printing lower highs at 84, then 79, then 78, then 77, and now the most recent relief bounce topped out around 74.50 before rolling over hard into the Aug 1-2 sell-off that pushed price all the way down to the 70-71 zone. That flush into 70 was violent — high volume, fast candles — and now price is recovering back up to 73.44. This is a dead-cat bounce into the prior breakdown zone, not a reversal. Every prior attempt to reclaim a broken level has failed on this chart, and I see no reason this one is different. I'm not chasing the bounce here — I'm watching for rejection at the 74-75 zone to confirm the next leg down.
SHORT SCENARIO
Confirmation
74.50
Rejection at 74.50–75.00 with a close back below 73.50 confirms bearish continuation — that zone is the prior breakdown shelf from late July and is now acting as resistance.
Invalidation
76.00
Structure invalidated on a sustained close above 76.00, which reclaims the prior consolidation base and breaks the lower-high sequence.
Target 1
70.00
The recent swing low and first major structural level below.
Target 2
69.00
Extension into the next visible support shelf below the Aug flush.
Risk/Reward
(74.50 - 70.00) / (76.00 - 74.50) = 3.0:1
Resistance: 74.50–75.00 / 77.00
Support: 70.00 / 69.00
This is not financial advice. Content is AI-generated.