SOL · 1H · DOWNTREND

The downtrend is intact across every timeframe I can see — lower highs, lower lows, price below all four EMAs, and the 200 EMA at 96.47 sloping sharply lower. Target 1 from my October 31st setup hit at 92.93, which closes that leg of the read. The zone entry never triggered (price never rallied back to 98.00–100.00), so the conditional short expired unreached on its confirmation side. Target 2 at 90.24 was not reached — the record shows a low of 90.87, which touched close but did not trade there on this leg. Price is now consolidating in a tight band around 92.50 with the EMA 9 and EMA 20 compressed just above it, and the EMA 50 sitting at 93.44 acting as immediate overhead. The daily trend is down, and that's where I'm staying.

The setup I'm rebuilding is the same structural short, adjusted for where price actually is. A bounce into the EMA 50 / EMA 200 stack — currently around 93.44 and 96.47 respectively — is the zone I want price to revisit before I re-enter. The dense liquidation cluster above at 95.29 is the real magnet: a rally into that cluster, followed by a 1H rejection close below 93.44, puts me short again with the trend. The fundamental backdrop from the available headlines reinforces the divergence between Solana's on-chain growth and SOL price performance — that's a distribution narrative, not accumulation.

The 84.47 and 85.65 dense liquidation clusters below are the logical target zone for the next leg. Price hasn't cleared that area yet on this drawdown, and in a trend like this, those clusters are where the real fuel gets spent. I'm not chasing down here at 92.52 — mid-consolidation is not where I take shorts. I wait for the bounce.